Which of the following is NOT a basic characteristic of perfect competition?

A) Considerable non-price competition
B) No barriers to the entry or exit of firms
C) A standardized or identical product
D) A large number of buyers and sellers

Non-Price Competition

A market strategy where businesses attempt to attract customers through methods other than lowering prices, such as product differentiation and marketing.

Barriers

Obstacles or impediments that prevent or hinder access, movement, or progress within a particular area or context.

Perfect Competition

A market structure characterized by an infinite number of small firms, identical products, no barriers to entry or exit, and perfect information among buyers and sellers.