Which of the Following Is Characteristic of a Perfectly Competitive

question 65

Multiple Choice

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

• A)Differentiated products.
• B)Price below marginal revenue.
• C)A large number of firms.

---

Definitions:

Unique-action Lure

A strategy or feature specifically designed to stand out from competitors and attract consumers’ attention.

Legal Protection

Measures and provisions established by law to safeguard interests, rights, and properties of individuals, organizations, or the society at large.

Brand-name Recognition

Brand-name Recognition is the extent to which a consumer can correctly identify a particular product or service just by viewing the product's logo, tag line, packaging, or advertising campaign.

Trade Secrets

Confidential business information that provides an enterprise with a competitive edge, and is protected from public disclosure.