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:

Responsibility

An obligation to carry out duties or tasks with accountability for the outcomes.

Organizational Effectiveness

The degree to which an organization is successful in achieving its goals and objectives through efficient use of resources, adaptability, and fulfilling stakeholder needs.

Effective

Having the desired result or outcome; achieving the intended goal efficiently and successfully.

Surviving

The act of continuing to live or exist, especially in spite of challenging conditions or circumstances.