Which one of the following options is not a characteristic of a perfectly competitive market?
A. Large number of firms in the industry.
B. Outputs of the firms are perfect substitutes for one another.
C. Firms face downward-sloping demand curves.
D. Resources are very mobile.
Answer:C
Which one of the following options is not a characteristic of a perfectly competitive market?
A. Large number of firms in the industry. B. Outputs of the firms are perfect substitutes for one another. C. Firms face downward-sloping demand curves. D. Resources are very mobile.