Which of the Following Is Not True of a Perfectly

question 235

Multiple Choice

Which of the following is not true of a perfectly competitive market?

• A)Firms experience constant returns to scale.
• B)Firms face significant barriers to entry.
• C)Economic profit is zero.
• D)Each firm chooses the quantity it wants to sell.
• E)Each firm knows the prices of outputs and inputs.

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Definitions:

Renewable Energy

Energy sources that are replenished naturally and sustainably, such as solar, wind, hydro, geothermal, and biomass, offering an alternative to fossil fuels.

Fossil Fuels

Natural resources such as coal, oil, and natural gas formed from the remains of dead plants and animals, used for energy but contributing to pollution and global warming.

Common Pitfall

A frequently encountered problem or danger that people often fall into, typically arising from a lack of experience or careful thought.

Philosophy

The study of fundamental questions about existence, knowledge, values, reason, mind, and language through a critical, systematic approach and reasoned argument.