In perfect competition, which is not true?
A. Firms produce homogenous goods.
B. There are a large number of firms.
C. Firms are price‐takers.
D. Every firm has a small but perceivable market power.
Answer: D
In perfect competition, which is not true?
A. Firms produce homogenous goods.
B. There are a large number of firms.
C. Firms are price‐takers.
D. Every firm has a small but perceivable market power.
Answer: D