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Which of the following is not a characteristic of a perfectly competitive market?ALarge number of firms in the industryBOutputs of the firms are perfect substitutes for one anotherCFirms face downward-sloping demand curvesDResources are very mobile

Shamit Jain , 4 Years ago
Grade 11
anser 1 Answers
Mayank Ranka

Last Activity: 4 Years ago

Option C is correct

As firms are price takers and have to sell all their output at a predetermined industry price, thus they face a flat demand curve parallel to the X axis, at the industry price.
 
Option A,B,D are incorrect
As they all state true and essential characteristics that are necessary to make an industry perfectly competitive.

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