A Market Is Perfectly Competitive If

question 236

Multiple Choice

A market is perfectly competitive if

• A) each firm in it can influence the price of its product.
• B) there are many firms in it, each selling a slightly different product.
• C) there are many firms in it, each selling an identical product.
• D) there are few firms in the market.

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Definitions:

Flat Organizational Structure

An organizational layout with few or no levels of middle management between staff and executives, leading to faster decision-making and greater employee autonomy.

Top-heavy Hierarchy

Describes an organizational structure with a disproportionate number of higher-level positions compared to lower-level ones, potentially leading to inefficiency.

Large Organizational Groupings

Refers to the classification or arrangement of large entities, such as corporations or institutions, into groups or categories based on shared characteristics or purposes.

Hierarchy of Needs

A psychological theory proposed by Abraham Maslow outlining a five-tier model of human needs, from basic physiological needs to self-actualization.