Which of the Following Is Not Characteristic of Perfect Competition

question 104

Multiple Choice

Which of the following is not characteristic of perfect competition?

• A)many buyers and sellers
• B)brand name advertising
• C)standardized products
• D)fully informed buyers and sellers
• E)free entry and exit of firms

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Definitions:

Classical-Conditioning Procedure

A pairing method of learning where two stimuli when frequently associated, lead to a response initially prompted by the second stimulus but subsequently by the first stimulus alone.

Conditioned Stimulus

A formerly neutral signal that, once it is linked with an unconditioned stimulus, ultimately leads to eliciting a conditioned response.

Conditioned Response

A learned response to a previously neutral stimulus that has become associated with an unconditioned stimulus.

Taste Aversion

Taste aversion is a learned response to eating spoiled or toxic food, leading to an aversion to that food in the future.