Which of the following characteristic(s) does not describe a competitive market?   1. A market where firms can freely enter or exit the market.   2. A market where firms sell a differentiated product.   3. A market with few buyers and sellers.   4. A market where firms sell a nearly identical product.   Choices   A.2 and 3   B.1, 2 and 3   C.1, 3, and 4

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Which of the following characteristic(s) does not describe a competitive market?

 

1. A market where firms can freely enter or exit the market.

 

2. A market where firms sell a differentiated product.

 

3. A market with few buyers and sellers.

 

4. A market where firms sell a nearly identical product.

 

Choices

 

A.2 and 3

 

B.1, 2 and 3

 

C.1, 3, and 4

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