1. Which of the following is not a characteristic of a competitive market? a. There are many...

Question:

1. Which of the following is not a characteristic of a competitive market?

a. There are many buyers and sellers in the market.

b. The goods offered for sale are largely the same.

c. Firms can freely enter or exit the market.

d. Firms generate small but positive economic profits in the long run.

e. All of the above are characteristics of a competitive market.

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