Which of the Following Is a Consequence of Competition

question 106

Multiple Choice

Which of the following is a consequence of competition?

• A)An unrelenting squeeze on prices and profit.
• B)Positive economic profit in the long run.
• C)Elimination of the most efficient firms.
• D)Price-gouging behavior.

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Definitions:

Decision Tree

A diagram that shows the various outcomes from a series of decision points, allowing for clear decision-making and prediction.

Pictograph

A symbol or image that represents an object or concept, used in early forms of writing or in modern graphs and charts.

Picture Units

Visual elements used in communication or presentations to represent or illustrate information.

Pie Chart

A circular statistical graphic divided into slices to illustrate numerical proportion, where the arc length of each slice is proportional to the quantity it represents.