Econ 102 quiz 7. (Econ_102)
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Econ 102 quiz 7.
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Econ 102 quiz 7. All of the following are characteristics of a perfectly competitive market EXCEPT
no barriers to entry.
price taking firms.
many firms.
Correct!
heterogeneous products.
A perfectly competitive market includes only firms producing homogeneous products.
Question 2
0 / 1 pts
If a firm in a perfectly competitive market sets its price slightly below the market price,
then
You Answered
the firm will make a normal rate of return, but with lower revenues.
the fi...
Exam (elaborations)
Econ 102 quiz 7.
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Econ 102 quiz 7. All of the following are characteristics of a perfectly competitive market EXCEPT no barriers to entry. price taking firms. many firms. Correct! heterogeneous products. A perfectly competitive market includes only firms producing homogeneous products. Question 2 0 / 1 pts If a firm in a perfectly competitive market sets its price slightly below the market price, then You Answered the firm will make a normal rate of return, but with lower revenues. the fi...
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