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All of the following are characteristics of perfect competition EXCEPT homogenous products. each firm is a...

All of the following are characteristics of perfect competition EXCEPT homogenous products. each firm is a price taker. product differentiation. lack of barriers to entry or exit. many buyers and sellers.

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Answer #1

The answer is product differentiation

All of the following are characteristics of perfect competition EXCEPT product differentiation

Most firms in imperfectly competitive market struc­tures sell differentiated products. In such industries, the firm itself must decide on the characteristics of the products it will sell

A market is said to be perfectly competitive when all firms act as price-takers — when they can sell as such as they like at the going price but nothing at a higher price. This is so because every firm is so small a part of the market that it can exert no influence on market price by selling a little more or little less of its product

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