INSTRUCTIONS: Select the BEST answer for each question by marking the circle next to your selection Show
This is the end of the test. When you have completed all the questions and reviewed your answers, press the button below to grade the test. What is a characteristic of a purely competitive sellers demand curve?What is a characteristic of a purely competitive seller's demand curve? Price and marginal revenue are equal at all levels of output.
Which of the following is characteristic of purely competitive sellers?In a perfect competition market, firms sell identical products. They have no differences in quality, color, packaging, weight or contents. For buyers, one seller's product can replace another seller's. In a pure competition market, products can be similar but are not completely identical.
What are the characteristics of a purely competitive industry?a marketing situation in which there are a large number of sellers of a product which cannot be differentiated and, thus, no one firm has a significant influence on price. Other prevailing conditions are ease of entry of new firms into the market and perfect market information.
Which characteristic would be best associated with pure competition?Explanation: Pure competition is one where firms have no opportunity to deviate from the market price, due to which all the firms are price takers.
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