Question

Which of the following is characteristic of a competitive market?
A) high costs
B) low output
C) inexhaustible supply
D) efficiency

Answer 1

D) efficiency is a characteristic of competitive market. because there are no transactions costs.

Answer 2

1. So that no individual can control the price

2. Markets with high startup costs are less likely to be perfect competitive.

3. Efficiency

4. An industry that runs best when one firm produces all the output.

5. Vacationers are willing to put up with the restrictions that the airline imposes.

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