Which of the Following Is Not a Basic Characteristic of Pure

question 4

Multiple Choice

Which of the following is not a basic characteristic of pure competition?

• A) considerable nonprice competition
• B) no barriers to the entry or exit of firms
• C) a standardized or homogeneous product
• D) a large number of buyers and sellers

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Definitions:

Integrity

The quality of being honest and having strong moral principles; moral uprightness.

Going Concern

An accounting principle that assumes a company will continue to operate and fulfill its obligations in the foreseeable future.

Going Concern Assumption

An accounting principle assuming that a company will continue in operation for the foreseeable future.

Monetary Unit Assumption

An accounting principle that assumes transactions can be recorded and expressed in a stable currency.