3 Quiz: Quiz 10 tructure.com/courses/1138695/quizzes/1913882/take isor d: Jul 22

Question

3 Quiz: Quiz 10 tructure.com/courses/1138695/quizzes/1913882/take isor d: Jul 22 at 10:33am iz Instructions Question 1 1.12 pts Which of the following statements holds true for a perfectly competitive industry? O Firms usually advertise extensively to differentiate their product from that of their competitors O There may be barriers to entry and exit. O Some of the larger firms in the industry can influence the market price. O The firms produce a homogeneous product Next Quiz saved at 10:33am Submit Quiz

Explanation / Answer

Answer is option d

Products are homogeneous , no differentiation in the products exists, thus no need to incur advertisement expenditure

All products are perfect substitutes of each other.

There are no barriers to entry & exit , all firms are price takers , no firm plays the role of price maker

Related Questions

Navigate

• Browse (All)
• Browse 3
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.