Which of the Following Statements Is NOT Characteristic of Perfect

question 96

Multiple Choice

Which of the following statements is NOT characteristic of perfect competition?

• 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:

Increased Use

A strategy aiming to encourage existing customers to use more of a product or service.

Technology

The application of scientific knowledge for practical purposes, especially in industry and everyday life.

Personal Interactions

Personal interactions refer to direct and reciprocal communication or engagement between two or more individuals.

Cell Phone

A portable telephone that uses wireless technology to send and receive calls and messages.