Which of the Following Is Not a Characteristic of a Perfectly

question 122

Multiple Choice

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

• A) Firms are price takers.
• B) Firms can freely enter the market.
• C) Many firms have market power.
• D) Goods offered for sale are largely the same.

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Definitions:

Metal Ores

Naturally occurring minerals from which metals can be extracted economically.

Amortization

Amortization refers to the process of gradually writing off the initial cost of an asset over a period.

Expense Account

An account that records the costs of operating a business.

Land

An asset representing the ground or property on which a business operates, not subject to depreciation.