Introduction to Economics 1 Deneme Sınavı Sorusu #1151964
Which of the following is not listed as a required characteristics for a market to be called competitive market?
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The good or service being exchanged is the same across all sellers; the quality or the characteristics of it do not change from one seller to another |
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There is a high number of potential buyers and sellers of this good; and all act independently from each othe |
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Entry of new sellers into the market is not restricted by any means |
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Buyers and sellers readily and freely have access to information with regards to the prices at which other buyers and sellers are exchanging the good. |
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It is a market where there is only one seller of the product and this seller sets the price alone. |
Perfect Competition
The conventional ideal market model represents perfect competition. This is a hypothetical market in which:
- The good or service being exchanged is the same across all sellers; the quality or the characteristics of it do not change from one seller to another
- There is a high number of potential buyers and sellers of this good; and all act independently from each other
- Entry of new sellers into the market is not restricted by any means
- Buyers and sellers readily and freely have access to information with regards to the prices at which other buyers and sellers are exchanging the good.
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