Which of the Following Is Not a Characteristic of a Perfectly

question 423

Multiple Choice

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

• A)​Firms are price takers.
• B)​Individual firms are price setters.
• C)​Firms are able to sell all of the output that they choose to produce.
• D)​Firms produce identical goods.

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Definitions:

Conditional Probability

The likelihood of one event happening when it's known that a different event has already taken place.

Intersection

The point at which two lines or paths cross each other, or the set of elements common to two or more sets.

Independent Events

Two events are independent if the outcome of one does not affect the outcome of another.

P(A|B)

The likelihood of event A happening, provided that event B has already taken place, signifying a conditional probability.