Pick the odd one out. 1. Homogeneous products, free entry, and exit,

1.	Pick the odd one out. 1. Homogeneous products, free entry, and exit, price maker. 2. Homogeneous product, freedom of entry and exit, large number of buyers and sellers, product differentiation. 3. MC = MR, MR = AFC, MC cuts MR from below, P = AC.
Answer» 1. Price maker. Others are features of perfect competition. 2. Product differentiation. Others are features of perfect competition. 3. MR = AFC. Others are conditions for firm’s equilibrium under perfect competition.

Pick the odd one out. 1. Homogeneous products, free entry, and exit, price maker. 2. Homogeneous product, freedom of entry and exit, large number of buyers and sellers, product differentiation. 3. MC = MR, MR = AFC, MC cuts MR from below, P = AC.

Answer»

1. Price maker. Others are features of perfect competition.

2. Product differentiation. Others are features of perfect competition.

3. MR = AFC. Others are conditions for firm’s equilibrium under perfect competition.