Which of the following is a characteristic of a perfectly competitive market Quizlet

Which of the following is true?

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Which of the following is characteristics of a perfectly competitive market?
Which of the following are the four characteristics of a perfectly competitive market quizlet?
Which of the following is not characteristic of a perfectly competitive market?

a. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its total revenues and total cost.
b. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its average revenue and average total cost.
c. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its average revenue and average variable cost.
d. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its marginal revenue and marginal cost.
e. None of the above is true.

Which is the best example of a real-world market that is close to perfect competition?

a. A market with product differentiation, such as ice cream (Coldstone, Dairy Queen, etc.).
b. A market where a few firms have a large market share, such as operating systems for mobile devices (Apple iOS, Google Android, Microsoft Windows).
c. A market with many barriers to entry, such as computer chips (Intel, AMD, etc.).
d. A market with many sellers and little product differentiation (such as fruits, vegetables, and other agricultural goods).

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Which of the following is characteristics of a perfectly competitive market?

The three primary characteristics of perfect competition are (1) no company holds a substantial market share, (2) the industry output is standardized, and (3) there is freedom of entry and exit. The efficient market equilibrium in a perfect competition is where marginal revenue equals marginal cost.

Which of the following are the four characteristics of a perfectly competitive market quizlet?

The four conditions that in place, in a perfectly competitive market are; many buyers and sellers, identical products, informed buyers and sellers, and free market entry and exit.

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

The correct answer is A. Perfect competition is not characterized by low prices because organizations that participate in their operations determine the price at which specific goods are tagged. The other choices are characteristics of a perfectly competitive market because its participants trade homogeneous products.