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:

Racial Decorum

The expected or prescribed manners and behaviors regarding race and inter-racial interactions, often within a specific cultural or societal context.

Western Frontier

Historically, the area of the United States west of the Mississippi River during its period of expansion, associated with the idea of manifest destiny and the settlement of new territories.

Census Proclaimed

A term referring to the official announcement and publication of the results of a census, which is a systematic enumeration of a population.

U.S. Jurisdiction

The legal authority or power of the United States to govern or legislate over a particular area, subject matter, or person.