In our purely competitive market model, we have assumed all of the following EXC

Question

In our purely competitive market model, we have assumed all of the following EXCEPT...

there are barriers to entry and exit from the industry

each firm's output level is not fixed in the short-run

all firms have no (significant) market power

each firm has a very small market share

some non-price competition may occur

there are barriers to entry and exit from the industry

each firm's output level is not fixed in the short-run

all firms have no (significant) market power

each firm has a very small market share

some non-price competition may occur

Explanation / Answer

Ans.

In our purely competitive market model, we have assumed all of the following EXCEPT

there are barriers to entry and exit from the industry

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