Which of the Following Is Not a Characteristic of a Competitive

question 339

Multiple Choice

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

• A)Buyers and sellers are price takers.
• B)Each firm sells a virtually identical product.
• C)Entry is limited.
• D)Each firm chooses an output level that maximizes profits.

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Definitions:

Superego

Part of Freud's psychoanalytic theory, representing the moral component of the personality, which incorporates social standards and values.

Gender Identity

A person's internal sense of being male, female, some combination of male and female, or neither, independent of their biological sex.

Identification

The process of recognizing or establishing the identity of something or someone.

Affiliation Motivation

The drive to build and maintain social relationships and feel connected and accepted by others.