Which of the Following Is Not a Basic Characteristic of a Perfectly

question 86

Multiple Choice

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

• A)a large number of buyers and sellers
• B)significant nonprice competition among firms
• C)a standardized product produced by firms
• D)no barriers to entry
• E)no barriers to exit

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Definitions:

Interest Rate

The percentage at which interest is paid by borrowers for the use of money they borrow from lenders.

Statute of Frauds

A legal principle requiring certain contracts to be written and signed to be enforceable, aimed at preventing fraud.

In Writing

The term "in writing" refers to the requirement that certain agreements, contracts, or notices be recorded on paper or in a digital format to ensure legality and enforceability.

Guarantee

A formal assurance, typically by one party to another, that certain conditions will be fulfilled, including quality, performance, or durability of a product or service.