Which of the Following Factors Is NOT Characteristic of a Market

question 34

Multiple Choice

Which of the following factors is NOT characteristic of a market experiencing pure competition?

• A) Ease of entry into the market
• B) Many buyers
• C) Many sellers
• D) Similar products
• E) Differentiated products

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Definitions:

Surplus

An excess of production or supply over demand, often leading to a decrease in prices.

Lower Labor Productivity

A condition where there is a decrease in the amount of goods or services produced per unit of labor.

Technology Production

The process of designing, manufacturing, and introducing new technological goods or services.

Equilibrium Price

The cost at which the volume of goods available equals the volume desired by buyers in the market.