Which of the Following Is NOT a Defining Characteristic of Perfectly

question 359

Multiple Choice

Which of the following is NOT a defining characteristic of perfectly competitive industries?

• A) many buyers and sellers
• B) unrestricted entry and exit
• C) consumer knowledge about prices charged by each firm
• D) higher prices being charged for certain name brands

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Definitions:

National Economy

The economic activities and performance of a nation, encompassing its gross domestic product, employment rates, and the balance of imports and exports.

Uncontrolled Population Growth

This refers to the rapid increase in the number of individuals in a population, often due to lack of access to contraceptives, education on family planning, or policies limiting the number of children per family, leading to potential overpopulation issues.

Destruction of the Environment

Refers to the damage inflicted on natural ecosystems by human activities, leading to loss of biodiversity, pollution, and climate change.

Nuclear War

A conflict where nuclear weapons are used by the opposing sides, causing massive destruction.