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:

Late Eighteenth

Referring to the late 1700s, a period marked by significant historical events such as the American Revolution and the early stages of the Industrial Revolution.

Early Nineteenth

Pertaining to the period from 1801 to 1830, typically involving events and developments in the early 19th century.

Military Success

The achievement of strategic goals and objectives through the effective use of armed forces in combat or operations.

Reactive Power

The component of electrical power that oscillates between the source and load, stored temporarily in the circuit's inductance or capacitance.