Question

Which of the following is not a characteristic of a perfectly competitive market?
(a) Large number of firms in the industry.
(b) Output of the firms are perfect substitutes for one another.
(c) Firms face downward-sloping demand curves.
(d) Resources are very mobile.

Answer 1

Explanation:

Which of the following is not a characteristic of a perfectly competitive market?

(a) Large number of firms in the industry.

(b) Output of the firms are perfect substitutes for one another.

(c) Firms face downward-sloping demand curves.

(d) Resources are very mobile.✔️✔️✔️

Answer 2

Answer:

Which of the following is not a characteristic of a perfectly competitive market?

(a) Large number of firms in the industry.

(b) Output of the firms are perfect substitutes for one another.

(c) Firms face downward-sloping demand curves.

(d) Resources are very mobile