Which of the Following Is Not a Characteristic of a Competitive

question 339

Multiple Choice

Which of the following is not a characteristic of a competitive market?

• A)Buyers and sellers are price takers.
• B)Each firm sells a virtually identical product.
• C)Entry is limited.
• D)Each firm chooses an output level that maximizes profits.

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Definitions:

Occupational Safety

Practices and policies in place to ensure the health and safety of employees in the workplace.

Jury Trial

A legal proceeding where a group of citizens are selected to hear the evidence and make a decision in a court case.

Workplace Safety Regulations

Laws, guidelines, and policies designed to protect the health and safety of employees and visitors within a workplace environment.

Utilitarianism

A system of ethical thought that focuses on the consequences of an action.