Which of the Following Is NOT a Characteristic of Perfectly

question 62

Multiple Choice

Which of the following is NOT a characteristic of perfectly competitive markets?

• A)Transactions costs are a very small part of the sale.
• B)All market participants are price-takers.
• C)It is easy to find a trading partner.
• D)Products are differentiated.

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Definitions:

P(Z < 2)

The probability that a value Z, on a standard normal distribution, is less than 2.

Normal Distribution

A bell-shaped probability distribution characterized by its mean and standard deviation, indicating that data close to the mean are more prevalent.

Standard Deviation

A statistic that measures the dispersion or variability of a dataset relative to its mean, indicating how spread out the data points are.

Normally Distributed

Describes a distribution of data that forms a bell-shaped curve, symmetrical about its mean, implying that mean, median, and mode are equal.