Which of the Characteristics of Perfect Competition Assures That Economic

question 232

Multiple Choice

Which of the characteristics of perfect competition assures that economic profit will be zero in the long run?

• A)Each firm is small relative to the market.
• B)Each firm has access to perfect information.
• C)Goods produced in the market are homogeneous.
• D)Each firm is a price taker.
• E)There is easy entry and exit in the market.

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Definitions:

Nihilistic Attitude

A philosophical stance that rejects or denies the existence of meaningful aspects in life, such as morals, values, or objectives.

Delegate Responsibility

The act of assigning duties or tasks to someone else, usually a subordinate, while maintaining accountability.

Optimize Efficiency

The process of making something as effective and productive as possible, often through the improvement of procedures, resources, or systems.

Proximity to Reward

The closeness or immediacy of a reward, influencing an individual's motivation and behavior toward achieving that reward.