Which of the following is NOT a characteristic of a competitive market?   Multiple Choice   At least one of the producers has significant market power.   Externalities do not exist in the market.   There is free entry into the market.   There are many buyers in the market.

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Question 4

 

Which of the following is NOT a characteristic of a competitive market?

 

Multiple Choice
  1.  
    At least one of the producers has significant market power.
  2.  
    Externalities do not exist in the market.
  3.  
    There is free entry into the market.
  4.  
    There are many buyers in the market.
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Follow-up Question

What condition is NOT required in the definition of a competitive market?

 

Question 1 options:

 

There are many buyers and sellers

 

Firms can freely enter the market

 

Sellers dislike each other because of the strong competition

 

The goods offered by the various sellers are identical (or almost identical)

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