Which statement is NOT characteristic of perfect competition?

A) All firms produce the same standardized product.
B) There are many producers,and each has only a small market share.
C) There are many producers;one firm has a 25% market share,and all of the remaining firms have a market share of less than 2% each.
D) There are no obstacles to entry into or exit from the industry.

Standardized Product

Goods or services that are uniform in quality and performance, allowing them to be interchangeable among consumers.

Market Share

The segment of a market dominated by a specific company or product.

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to price takers.