Select which characteristic of a perfectly competitive industry is not met in the examples below.
Four fundamental characteristics of a perfectly competitive industry:
(1) there is a large number of buyers and sellers,
(2) firms in the industry produce and sell a homogeneous product,
(3) information is equally accessible to both buyers and sellers, and
(4) there are insignificant barriers to industry entry or exit.
1 answer
The characteristic that is not met in the examples below is (2) firms in the industry produce and sell a homogeneous product.