Econ 102 quiz 7. (Econ_102)

Econ 102 quiz 7. All of the following are characteristics of a perfectly competitive market EXCEPT no barriers to entry. price taking firms. many firms. Correct! heterogeneous products. A perfectly competitive market includes only firms producing homogeneous products. Question 2 0 / 1 pts If a firm in a perfectly competitive market sets its price slightly below the market price, then You Answered the firm will make a normal rate of return, but with lower revenues. the fi...