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:

Qualitative Research

Informal research methods, including observation, following social media sites, in-depth interviews, focus groups, and projective techniques.

Different Areas

Diverse sectors, regions, or fields of study that vary in characteristics, purposes, or disciplines.

Industry Experts

Professionals with extensive knowledge and experience in a specific field or industry, often sought for their insights and advice.

Experienced Consumers

Consumers who have significant knowledge or experience with certain products or markets, affecting their purchasing habits.