Which of the Following Is Characteristic of a Perfectly Competitive

question 59

Multiple Choice

Which of the following is characteristic of a perfectly competitive market?

• A)A small number of firms.
• B)Exit of small firms when profits are high for large firms.
• C)Zero economic profit in the long run.

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Definitions:

Organizational Psychology

A field of psychology that studies human behavior in work settings and applies psychological theories to organizations and their employees.

Clinical

Pertaining to the assessment and treatment of patients in medicine and psychology; often used within contexts involving medical and therapeutic settings.

Applied Psychology

The branch of psychology concerned with applying psychological principles and research to solve practical problems in various fields such as business, education, and health.

Professional Specialty

This term refers to a specialized area within a profession in which an individual focuses their expertise and skills, often requiring additional training and certification.