Multiple Choice
Which of the following statements is NOT characteristic of perfect competition?
A) All firms produce the same standardized product.
B) There are many producers, and each has only a small market share.
C) There are many producers; one firm has a 25% market share, and all of the remaining firms have a market share of less than 2% each.
D) There are no obstacles to entry into or exit from the industry.
Correct Answer:
Verified
Correct Answer:
Verified
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