Hotel rates for AAA members are lower than for nonmembers. All of the above are examples of price discrimination. Licenses and permits. Many rival producers. Barriers to entry and exit are low.
Firms are price takers.
One of the following is not a characteristic of perfect competition. Firms advertise to increase their market share. Consumers pay little attention to brand names. Firms pay no attention to their competitor's output levels. Economic profits are zero in the long run.