Which of the Following Is Not a Characteristic of Perfect

question 19

Multiple Choice

Which of the following is not a characteristic of perfect competition?

• A)The industry is fragmented.
• B)Firms produce undifferentiated products.
• C)Consumers have imperfect information.
• D)Firms have equal access to resources.

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Definitions:

Necessity

A good or service that is essential for survival and basic quality of life, such as food and shelter.

Few Substitutes

A market condition where there are limited alternatives available for a particular product or service, potentially leading to higher prices.

Price-Inelastic

Describes a situation where the demand for a good or service is relatively unchanged despite changes in its price.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of the good that producers are willing and able to sell, usually upward sloping.