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which of the following is not a characteristic of a perfectly competitve market? a. firms are...

which of the following is not a characteristic of a perfectly competitve market?

a. firms are price takers
b. firms are able to sell all of the output that they choose to produce
c. individual firms are price setters
d. firms produce identical goods
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Answer #1

Answer

Option c

c. individual firms are price setters

the market has many producers and buyers so no one has power to set or change the price and they are price takers because the firms produce identical goods and the market has free entry and exits.

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