Which of the Following Is Not a Characteristic of a Competitive

question 139

Multiple Choice

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

• A) Buyers and sellers are price takers.
• B) Each firm sells a virtually identical product.
• C) Free entry is limited.
• D) Each firm chooses an output level that maximizes profits.

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Definitions:

Federal Government

The national government of a federal state, where powers are divided between central authority and constituent political units.

Registration

The act of recording and officially enlisting something, such as a trademark, vehicle, or company, within a governmental or regulatory framework.

Trademarks

Symbols, words, or phrases legally registered or established by use as representing a company or product, protecting the brand's identity.

Patented Process

A legally protected procedure or method that has been officially registered as the intellectual property of an inventor or organization.