1077EconomicsMedium
Which of the following is not a characteristic of a competitive market?
AFirms can freely enter or exit the market
BThe are many buyers and sellers in the market
CAll of these answers are characteristic of a competitive market
DFirms generate small but positive economic profits in the long run
EThe goods offered for sale are largely the same.
Correct answer
D. Firms generate small but positive economic profits in the long run
Explanation
The correct answer is Firms generate small but positive economic profits in the long run.