Which of the Following Is Not a Necessary Characteristic of a Purely

question 336

Multiple Choice

Which of the following is not a necessary characteristic of a purely competitive industry?

• A)The industry or market demand is highly elastic.
• B)Firms can easily enter or leave the industry.
• C)There are so many small firms that no one firm can influence the market price.
• D)Consumers see no difference between the product of one firm and that of another.

---

Definitions:

Factors

Numbers or expressions that divide into another number or expression exactly, without leaving a remainder.

Nearest Hundredth

A method of rounding numbers so that they are accurate to two decimal places.

Decimal Place

A position of a number to the right of the decimal point, indicating fractions of 10.

Square Root

The value that, when multiplied by itself, gives the original number, used in mathematics to find an original value.