Which of the following is not a characteristic of a perfectly competitive market?
A)Firms are price takers.
B)Firms have difficulty entering the market.
C)There are many sellers in the market.
D)Goods offered for sale are largely the same.

Question

Quizplus · Accepted Answer

In a perfectly competitive market, there are no barriers to entry, so firms can easily enter and exit the market. Therefore, option B is not a characteristic of a perfectly competitive market. The other options (A, C, and D) are characteristics of a perfectly competitive market.

Which of the Following Is Not a Characteristic of a Perfectly