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Which of the following is not characteristic of perfect competition? a
Which of the following is not characteristic of perfect competition? a. It is difficult for firms to enter or exit the market. b. All producers are price takers. c. Each firm in the market sells identical products. d. Sellers and buyers are well-informed about prices.
Expert Solution
Answer
a .
Explanation
Characteristics of perfect competition are easy entry and exit, producers are price takers, identical products, complete information, many firms, o market power over price. So, In a perfectly competitive market, there are no barriers to entry into or exit from the market. The correct option is A "It is difficult for firms to enter or exit the market".
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