Which of the Following Is Not a Characteristic of a Perfectly

question 59

Multiple Choice

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

• A) There is a large number of small firms.
• B) Firms sell a homogeneous product.
• C) Firms can easily enter or exit the market.
• D) Firms are price makers, not price takers.

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Definitions:

Perceptual Processing

The act of receiving, organizing, and interpreting sensory information from the environment.

Uniform Parts

Elements or components that are identical in form or function within a larger system or group.

Reversible

Capable of being turned back to the previous state or condition without causing permanent change or damage.

Figure-Ground Patterns

The organization of visual fields into objects (the figures) that stand out from their surroundings (the ground).