Which of the Following Is Not an Assumption of Perfectly

question 229

Multiple Choice

Which of the following is not an assumption of perfectly competitive markets?

• A)There are many sellers and many buyers, all of which are small relative to the market.
• B)Each firm produces a similar but not identical product.
• C)There are no barriers to new firms entering the market.
• D)The products sold by all firms in the market are identical.

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Definitions:

Group Membership

Involves belonging to a specific collection of individuals who share common interests, goals, or characteristics.

Acculturation

The process of cultural change and psychological change that results following meeting between cultures, where individuals adopt the cultural traits or social patterns of another group.

Religiosity

The intensity of religious feelings or commitment.

Economic Support

Financial assistance or resources provided to individuals, organizations, or economies to promote stability and growth.