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Byju's Answer
Standard XII
Business Studies
Marketing and Societal Marketing Concepts
Which of the ...
Question

Which of the following is not a characteristic of a perfectly competitive market?

A
Large number of firms in the industry
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B
Outputs of the firms are perfect substitutes for one another.
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C
Firms face downward-sloping demand curves
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D
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Solution

The correct option is B Firms face downward-sloping demand curves
In case of perfect competition the demand curve is a straight line parallel to x-axis and not downward sloping.

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