In our purely competitive market model, we have assumed all of the following EXC

Question

In our purely competitive market model, we have assumed all of the following EXCEPT...

each firm has a very small market share

all firms have no (significant) market power

each firm's output level is not fixed in the short-run

there are barriers to entry and exit from the industry

some non-price competition may occur

each firm has a very small market share

all firms have no (significant) market power

each firm's output level is not fixed in the short-run

there are barriers to entry and exit from the industry

some non-price competition may occur

Explanation / Answer

In purely competitive market model, there are NO barriers to entry and exit from the industry.

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