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:

Shared Meanings

Common understanding or interpretations among individuals or groups about symbols, language, or concepts.

Management Philosophy

A set of beliefs or principles that guide how an organization is managed and how decisions are made.

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Widely held but false beliefs within an organization that influence its culture and decisions.

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