Which of the Following Is Not a Characteristic of Perfect

question 98

Multiple Choice

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

• A)Large number of firms in the industry.
• B)Outputs of the firms are perfect substitutes for one another.
• C)Firms face downward-sloping demand functions.
• D)No barriers to entry or exit.

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Definitions:

Service Charge

A fee collected for the provision of a service, often added to the cost of transactions in financial services.

Car Insurance

Car insurance is a contract between a vehicle owner and an insurance company, offering financial protection against loss or damage to the vehicle and liability against accidents involving the vehicle.

Partnership Agreement

A formal contract between two or more parties agreeing to manage and operate a business together, sharing its profits and losses.

Contributing

Refers to the act of providing resources or help towards a common goal or fund.