Which of the Following Is Not a Characteristic of Perfect

question 184

Multiple Choice

Which of the following is not a characteristic of perfect competition?

• A)Firms and consumers all have perfect information about the good and market.
• B)Sellers can enter the market easily.
• C)All goods sold are identical.
• D)All consumers have identical individual demand curves.

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Definitions:

Marginal Revenue

The additional revenue that a firm receives from selling one extra unit of a good or service, often used in decision-making about production levels.

Marginal Revenue

The increased earnings obtained from the sale of one extra unit of a product or service.

Total Cost

The total of all costs associated with the creation of products or services, encompassing both fixed and variable expenses.

Marginal Cost

The financial outlay for generating an additional unit of a good or service.