Question

which of the following is not a characteristic of the structure of perfectly competitive markets?
a. few sellers
b. each individual firm is small in size relative to the overall market.
c. homogeneous product
d. easy, low cost entry and exit

Explanation:

Perfectly competitive markets are defined by having many sellers, not few. The other options are core characteristics: firms are small relative to the market, products are identical (homogeneous), and there are no significant barriers to entry/exit.

Answer:

a. Few sellers