Which of the following is NOT a characteristic of a competitive market? Multiple Choice At least one of the producers has significant market power. Externalities do not exist in the market. There is free entry into the market. There are many buyers in the market.
Which of the following is NOT a characteristic of a competitive market? Multiple Choice At least one of the producers has significant market power. Externalities do not exist in the market. There is free entry into the market. There are many buyers in the market.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question 4
Which of the following is NOT a characteristic of a competitive market?
Multiple Choice
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Follow-up Question
What condition is NOT required in the definition of a competitive market?
Question 1 options:
|
There are many buyers and sellers |
|
Firms can freely enter the market |
|
Sellers dislike each other because of the strong competition |
|
The goods offered by the various sellers are identical (or almost identical) |
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