Which of the following is not a characteristic of a perfectly competitive market?
A)Firms are price takers.
B)Individual firms are price setters.
C)Firms are able to sell all of the output that they choose to produce.
D)Firms produce identical goods.

Question

Which of the following is not a characteristic of a perfectly competitive market?
A)​Firms are price takers.
B)​Individual firms are price setters.
C)​Firms are able to sell all of the output that they choose to produce.
D)​Firms produce identical goods.

Quizplus · Accepted Answer

In a perfectly competitive market, firms are price takers and not price setters. This means that they have no control over the market price and must accept the prevailing market price for their product.

Which of the Following Is Not a Characteristic of a Perfectly