Author Question: Which of the following is a feature of perfect competition? A) Customers have few viable ... (Read 67 times)

anjilletteb · **on:** Jul 6, 2018

Which of the following is a feature of perfect competition?

A) Customers have few viable substitutes available and are less responsive to changes in price.
B) Companies can differentiate their products.
C) Any one company has little to no influence on price.
D) A very few companies dominate the market.
E) Dominating companies can set the price by controlling the quantity produced.

Question 2

Which of the following is most likely to be characterized by perfect competition?

A) the market for shoes
B) the market for autos
C) the market for fish products
D) the retail trade
E) local utilities