If Any of the Assumptions of Perfect Competition Are Violated

question 109

Multiple Choice

If any of the assumptions of perfect competition are violated,

• A) supply-and-demand analysis cannot be used to study the industry.
• B) graphs with flat demand curves cannot be used to study the firm.
• C) graphs with downward-sloping demand curves cannot be used to study the firm.
• D) there may still be enough competition in the industry to make the model of perfect competition usable.
• E) one must use the monopoly model instead.

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Definitions:

Present

Current time or the moment that is happening now.

Future Extraction

Strategic planning for the removal or usage of natural resources, regarding supply and demand, technological advancements, and environmental impacts.

Total Allowable Catch

The maximum quantity of a particular fish species that can be caught within a specified area and time frame to prevent overfishing.

Individual Transferable Quota

A system in resource management where individuals or companies are allocated a certain amount of a resource and can buy, sell, or trade parts of that quota.