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.

---

Definitions:

Tailor

To adapt or modify something to suit a particular need or preference.

Needs and Preferences

The desires and choices of individuals or groups that drive their decisions and behaviors.

Transnational Strategy

An approach used by businesses that involves balancing global efficiencies with local responsiveness in their operations across various countries.

Locally Responsive

The ability of a business to adapt its products, services, and operations to meet the specific demands and preferences of local markets.