Which of the following statement does NOT describe a situation of perfect competition.?

Economics JAMB 1981

Which of the following statement does NOT describe a situation of perfect competition.?

  • The firm faces an infinitely elastic demand curve
  • The firm makes no pure profit in the short run checkmark
  • The price does not change with changes in the output level of the firm
  • There is freedom of entry into, and exit out of the industry
  • The firm can sell all it produces at the market price

The correct answer is: B

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