ZuoTi.Pro
Question

A characteristic of perfect competition that is not present in any other market structure is that...

A characteristic of perfect competition that is not present in any other market structure is that there

1are many sellers and each produces its own version of the product.

2are a small number of sellers and at least a few of them have market power.

3is only one seller and that seller holds a high level of market power.

4are many sellers that produce identical products.

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

A characteristic of perfect competition that is not present in any other market structure is that there are many sellers that produce identical products , they don't have any kind of market power , they take price as given and can't influence it. Hence, option(4) is correct.

0 0
Add a comment
Know the answer?
Add Answer to:
A characteristic of perfect competition that is not present in any other market structure is that...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • A characteristic of monopolistic competition that is not present in any other market structure is that...

    A characteristic of monopolistic competition that is not present in any other market structure is that there 1is only one seller and that seller holds a high level of market power. 2are many sellers and each produces its own version of the product. 3are a small number of sellers who have market power. 4are many sellers that produce identical products.

  • QUESTION 1 Which of the following is always a characteristic of the oligopoly market structure? Many...

    QUESTION 1 Which of the following is always a characteristic of the oligopoly market structure? Many sellers, each small in size relative to the overall market. Few sellers. All sellers produce identical products. Easy, low-cost entry and exit. QUESTION 2 The industry that most closely approximates the conditions of the oligopoly model is: Restaurant. Retail clothing. Airlines in the U.S. The local cable company. QUESTION 3 In which of the following market structures must the price and output decisions of...

  • 1. The general term for market structures that fall somewhere between monopoly and perfect competition is

    1. The general term for market structures that fall somewhere between monopoly and perfect competition isa. incomplete markets.b. monopolistically competitive markets.c. imperfectly competitive markets.d. oligopoly markets.2. An oligopoly is a market in whicha. there are many price-taking firms, each offering a product similar or identical to the products offered by other firms in the market.b. there are only a few sellers, each offering a product similar or identical to the products offered by other firms in the market.c. the actions...

  • Which one of the following is not a condition of perfect competition? a. All goods sold...

    Which one of the following is not a condition of perfect competition? a. All goods sold in the market are identical b. Producers can freely enter or exit the market c. Buyers and sellers have perfect information d. Numerous small buyers and sellers e. Firms’ production functions display increasing returns . In a perfectly competitive market, every individual seller is a price taker, which means that a. they face a perfectly inelastic demand curve. b. any seller that raises its...

  • QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not...

    QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not likely earn an economic profit in the long run. shut down in the short run if price is less than average variable cost. all of the above. QUESTION 6 A monopolistic competitive firm is inefficient because the firm: earns positive economic profit in the long run. is producing at an output corresponding to the condition that marginal cost equals price. is not maximizing its...

  • Which of the following is a basic characteristic of perfect competition? significant entry and exit barriers...

    Which of the following is a basic characteristic of perfect competition? significant entry and exit barriers only a few businesses selling a particular product a large number of buyers and sellers the obstructed operation of the forces of supply and demand significant use of advertising to promote products

  • Perfect Competition (Ch 8) vs Monopoly Activity (Ch 9) Using Perfect Competition and Monopoly, please match...

    Perfect Competition (Ch 8) vs Monopoly Activity (Ch 9) Using Perfect Competition and Monopoly, please match the correct market structure to the correct characteristic. There may be more than one market structure per characteristic. Characteristic Shut down decision is when P < AVC Market Structure Market power is substantial. One firm produces all of the market demand. Barriers to entry are so very low that they are almost non-existent. Firms are price takers. One firm produces all market supply. Firms...

  • The main similarity between perfect competition and monopolistic competition is that: both produce standardized products. both...

    The main similarity between perfect competition and monopolistic competition is that: both produce standardized products. both have many buyers. neither makes an economic profit in the long run both have few sellers

  • QUESTION 1 Which of the following is not a characteristic of the monopolistic competition market structure?...

    QUESTION 1 Which of the following is not a characteristic of the monopolistic competition market structure? Many sellers, each small in size relative to the overall market. Few sellers. Differentiated product. Easy, low-cost entry and exit. QUESTION 2 Which of the following is the best example of a monopolistic competitor? Wheat farmers. Restaurants. Air Canada. General Motors. QUESTION 3 In the long run, both monopolistic competition and perfect competition result in: a wide variety of brand-name choices for consumers. an...

  • QUESTION 7 Monopolistic competitive firms in the long run earn: positive economic profits. zero pure economic...

    QUESTION 7 Monopolistic competitive firms in the long run earn: positive economic profits. zero pure economic profits. negative economic profits. Positive, zero, or negative economic profits. QUESTION 8 Which of the following statements best describes firms under monopolistic competition? Profits will be positive in the long run. Price always equals average variable cost. In the long run, positive economic profit will be eliminated. Marginal revenue equals minimum average total cost in the short run. QUESTION 9 Which of the following...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT