All Except One of the Following Are Characteristics of Perfect

question 255

Essay

All except one of the following are characteristics of perfect competition.Which is the exception?
A.All firms produce the same standardized product.
B.There are many producers, and each has only a small market share.
C.There are many producers; one firm has a 25% market share, and all of the remaining firms have a market share of less than 2% each.
D.There are no obstacles to entry into or exit from the industry.

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Definitions:

Spanish Reconquista

The period from the 8th to the 15th century during which Christian kingdoms in the Iberian Peninsula reconquered territory from Muslim rulers.

Aztec Empire

A Mesoamerican empire that flourished in central Mexico in the 14th, 15th, and early 16th centuries, known for its sophisticated civilization, architectural achievements, and complex social structure before falling to Spanish conquerors.

Hernán Cortés

A Spanish Conquistador known for his expedition that led to the fall of the Aztec Empire and the establishment of Mexico City on its ruins.

Bartolome De Las Casas

A 16th-century Spanish historian and Dominican friar who became the first known advocate for the rights of indigenous people in the Americas, and opposed the abuses of the Spanish encomienda system.