When Perfect Competition Prevails,which Characteristic of Firms Are We Likely

question 83

Multiple Choice

When perfect competition prevails,which characteristic of firms are we likely to observe?

• A)None of them ever has diminishing marginal returns.
• B)They all try to operate where price equals average variable cost.
• C)They all try to operate where price equals total cost.
• D)They are all price takers.

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Definitions:

Dominant Political Parties

Dominant political parties are those that hold significant influence over a country's politics, often characterized by their control over legislative bodies or executive positions.

Political Parties

Organized groups of people with similar political ideologies and goals that seek to influence public policy by getting their candidates elected to public office.

Party Polarization

The divergence of political attitudes to ideological extremes, leading to a significant divide between political parties, often resulting in gridlock.

Government

An organization or system through which a community, state, or nation is governed, including the making and enforcement of laws, and the administration of public policy.