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Komal Sabharwal
on Oct 12, 2024

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

A) Long-run economic profits
B) Identical products
C) Many sellers
D) Free entry and exit

Perfectly Competitive Markets

Markets in which no individual producer or consumer has the market power to influence prices, characterized by many buyers and sellers, homogeneous products, and free entry and exit.

Economic Profits

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, measuring the excess over the opportunity cost of capital.

Free Entry

A market condition where firms can freely enter or exit the market without facing significant barriers to entry or exit.

  • Master the details and implications of perfect competition throughout short-term and long-term intervals.
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ZJ
Zhuoying JiangOct 16, 2024
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