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Which of the following is not a characteristic of a perfectly competitive market? A Large number of firms in the industry B Outputs of the firms are perfect substitutes for one another C Firms face downward-sloping demand curves D Resources are very mobile
Option C is correctAs firms are price takers and have to sell all their output at a predetermined industry price, thus they face a flat demand curve parallel to the X axis, at the industry price. Option A,B,D are incorrectAs they all state true and essential characteristics that are necessary to make an industry perfectly competitive.
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