Perfectly Competitive Markets Are Responsive to the Demand of Consumers

question 46

True/False

Perfectly competitive markets are responsive to the demand of consumers.

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Definitions:

Cognitive Dissonance

A psychological phenomenon where an individual feels mental discomfort due to holding contradictory beliefs or ideas, or because of an action that contradicts their beliefs.

Buyer's Remorse

Feelings of regret after making a purchase, often due to doubts about the product’s value or necessity.

Share Of Customer

A measure of the quantity of purchase dollars each customer spends on the company’s products.

Market Share

The portion of a market controlled by a particular company or product, often expressed as a percentage of total sales in that market.