In Perfect Competition

question 2

Multiple Choice

In perfect competition

• A) many firms sell slightly different products to many buyers.
• B) sellers are better informed about the prices than buyers.
• C) firms face no restrictions on entry into market.
• D) established firms have advantage over new ones.

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Definitions:

Quasi-contract

An obligation imposed by law in the absence of an agreement to prevent unjust enrichment.

Freedom of Contract

The principle that individuals have the liberty to freely enter into agreements and contracts without undue government interference.

Creators’ Obligations

Duties and responsibilities that creators, such as authors, artists, and designers, owe to their clients, sponsors, or the public, which may include originality, quality, and copyright adherence.

Promissory Estoppel

A legal principle that prevents a promisor from retracting a promise which the promisee relied on, leading to a detriment.