Which of the Following Is Unique to Perfect Competition

question 173

Multiple Choice

Which of the following is unique to perfect competition?

• A)The individual firm cannot earn economic profit in the long run.
• B)It is easy for new firms to enter the industry.
• C)The market demand curve slopes downward.
• D)The demand curve facing an individual firm is perfectly elastic.
• E)The firms in the industry produce a homogeneous product.

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Definitions:

Detect Deception

Detecting deception involves identifying signs of falsehood or misleading behavior, often requiring keen observation, understanding of psychological cues, or use of technology.

Continued Deceit

The persistent act of misleading or lying to others, maintaining a pattern of deception over time.

Evaluating Strategies

Evaluating strategies in negotiations involves analyzing the potential effectiveness and consequences of different approaches or tactics.

Business

An organization or enterprising entity engaged in commercial, industrial, or professional activities.