Answer to Question #45423 in Microeconomics for Dion Lewis

Question #45423
Which of the following is a characteristic of a perfectly-competitive market?

Select one:
a. It is difficult for new firms to enter the market due to barriers to entry.
b. The output sold by a particular firm may be quite different from the output sold by other firms in the market.
c. All firms produce and sell a standardized or undifferentiated product.
d. The firms are price setters.
1
Expert's answer
2014-09-05T12:22:21-0400
c. All firms produce and sell a standardized orundifferentiated product

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS