Which of the Following Is Not a Characteristic of a Perfectly

question 59

Multiple Choice

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

• A) There is a large number of small firms.
• B) Firms sell a homogeneous product.
• C) Firms can easily enter or exit the market.
• D) Firms are price makers, not price takers.

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Definitions:

Replacement Payments

Payments made to compensate for goods or services that were faulty, damaged, or otherwise inadequate, ensuring the recipient receives what was originally contracted.

Interest Rate

A percentage that measures the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed.

Equal Payments

A series of payments of the same amount made at regular intervals for a specified period of time.

Loan Date

The specific date on which a loan agreement goes into effect or when the loan funds are disbursed.