All of the Following Are Characteristics of a Perfectly Competitive

question 78

Multiple Choice

All of the following are characteristics of a perfectly competitive market except which one?

• A)homogeneous goods
• B)no transaction costs
• C)no perfect information
• D)no barriers to entry

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Definitions:

Income

The financial gain received by an individual or a business in exchange for providing goods or services or through investing capital.

Labor Income

Earnings derived from work, including wages, salaries, bonuses, and other compensation for employment.

Nonlabor Income

Earnings derived from sources other than employment, such as investments, pensions, or inheritance.

Leisure

The time individuals spend away from work or essential activities, dedicated to relaxation, recreation, or hobbies.