In the Model of Perfect Competition

question 235

Multiple Choice

In the model of perfect competition:

• A)the consumer is at the mercy of powerful firms that can set prices wherever they prefer.
• B)individual firms can influence the price,but only slightly.
• C)no individual or firm has enough power to affect price.
• D)the price is determined by how many years are left in the product's patent.

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Definitions:

Closed Shop

A place of employment in which the employer, by agreement, hires only union members in good standing.

Public Employees

Individuals employed by government entities at the federal, state, or local level.

Vital Services

Essential services that are critical to maintaining the health, safety, and welfare of the public, such as water, electricity, and medical care.

Union Representatives

Individuals elected or appointed to act on behalf of members of a labor union, negotiating labor contracts and addressing grievances with employers.