Which one of the following is not a condition of perfect competition? A. Numerous small buyers...
Which one of the following is not a condition of perfect competition?
A. Numerous small buyers and sellers
B. Producers can freely enter or exit the market
C. Firms’ production functions display increasing returns
D. All goods sold in the market are identical
E. Buyers and sellers have perfect information
Homework Answers
Answer: C. Firms’ production functions display increasing returns
Firms’ production functions display increasing returns - This is not a condition of perfect competition.
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