Question

which of the following is not a characteristic of a perfectly competitive market?
sellers represent a small share of the market.
easy entry and exit for sellers.
many buyers and sellers.
sellers produce differentiated products.

Explanation:

A perfectly competitive market has key characteristics: many buyers and sellers (so each seller has a small market share), free entry/exit for firms, and homogeneous (identical) products. Differentiated products are a feature of monopolistic competition, not perfect competition.

Answer:

Sellers produce differentiated products.