Which of the Following Is Not a Characteristic of a Perfectly

question 46

Multiple Choice

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

• A)firms are price takers
• B)there are many sellers in the market
• C)goods offered for sale are largely the same
• D)firms have difficulty entering the market

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Definitions:

Marginal Cost

The increase in cost resulting from the production of one additional unit of a good.

Total Cost Curve

A graphical representation showing the total cost of producing varying quantities of output, typically sloping upwards as output increases.

Average Total Cost

The total cost of production divided by the number of units produced, representing the cost per unit.

Marginal Cost

The cost added by producing one extra item of a product, integral for decision-making in production.