Which one of the following is NOT a requirement for or characteristic of perfect competition?The good must be homogeneous (standardised).All market participants should have perfect knowledge of market conditions.Every firm must have the power to set its own price.There must be a large number of sellers.There should be no government intervention. A small farmer is more likely to operate in a perfectly competitive market than a company like SABMiller because:A small business is more likely to keep close control on costs than a large firm.SABMiller employs many people, whereas perfectly competitive firms are owner managed.The demand for beer is less elastic than the demand for food.A small farmer supplies a small share of market supply.Farming is more risky than beer production.

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Answered: Which one of the following is NOT a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which one of the following is NOT a requirement for or characteristic of perfect competition?

The good must be homogeneous (standardised).
All market participants should have perfect knowledge of market conditions.
Every firm must have the power to set its own price.
There must be a large number of sellers.
There should be no government intervention.

A small farmer is more likely to operate in a perfectly competitive market than a company like SABMiller because:

A small business is more likely to keep close control on costs than a large firm.
SABMiller employs many people, whereas perfectly competitive firms are owner managed.
The demand for beer is less elastic than the demand for food.
A small farmer supplies a small share of market supply.
Farming is more risky than beer production.

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