Which of the following is not characteristic of perfect competition?
a. many buyers and sellers
b. ability to control price
c. standardized (identical) products
d. free entry and exit of firms
Answer: b. ability to control the price
Which of the following firms is most likely to be a perfectly competitive firm?
a. one of the three largest Us automakers
b. one of the cellphone service carriers
c. a public school operated by the government
d. a soybean farmer
Answer: d. a soybean farmer