Which of the Following Is NOT an Assumption of Perfect

question 447

Multiple Choice

Which of the following is NOT an assumption of perfect competition?

• A) many firms
• B) many buyers
• C) restrictions on entry into the market
• D) each firm sells an identical product

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Definitions:

On-costs

Additional costs beyond basic salaries that include items like payroll taxes, superannuation, and workers' compensation.

Direct Labour

The wages paid to workers directly involved in producing goods or providing services.

Indirect Labour

Labor costs associated with tasks that do not directly contribute to the production of goods or services but are necessary for the operation.

Manufacturing Overhead

All indirect costs associated with the manufacturing process, including utilities, rent, and salaries of employees not directly involved in production.