Which of the following is NOT an assumption of perfect competition? Select one. 1.There are no restrictions on entry into the market 2. There are many buyers 3.There are many firms, each selling an identical product 4. The price each firm sets differs from the prices set by the other firms
Which of the following is NOT an assumption of perfect competition? Select one. 1.There are no restrictions on entry into the market 2. There are many buyers 3.There are many firms, each selling an identical product 4. The price each firm sets differs from the prices set by the other firms
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter10: Price-searcher Markets With Low Entry Barriers
Section: Chapter Questions
Problem 15CQ
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Question
Which of the following is NOT an assumption of
Select one.
1.There are no restrictions on entry into the market
2. There are many buyers
3.There are many firms, each selling an identical product
4. The price each firm sets differs from the prices set by the other firms
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