In a market that is characterised by imperfect competition:
A. Firms are price takers
B. The actions of one firm in the market never have any impact on the other firms profits
C. There is always a large number of firms
D. There are at least a few firms that compete with one another.
Answer:D
In a market that is characterised by imperfect competition:
A. Firms are price takers B. The actions of one firm in the market never have any impact on the other firms profits C. There is always a large number of firms D. There are at least a few firms that compete with one another.