Which of the following is NOT a characteristic of competitive markets?
A) They produce a standardized product.
B) Purchases and sales of individual traders are small relative to the total volume traded.
C) Prices adjust quickly.
D) There are relatively few sellers.

Question

Quizplus · Accepted Answer

Competitive markets typically have many sellers, not relatively few. This is because in a competitive market, no single producer has the power to influence the market price.

Which of the Following Is NOT a Characteristic of Competitive