In a Perfectly Competitive Market

question 114

Multiple Choice

In a perfectly competitive market:

• A) price does more of the adjusting in the long run and quantity does more of the adjusting in the short run.
• B) price does more of the adjusting in the short run and quantity does more of the adjusting in the long run.
• C) only price adjusts in both the short run and the long run.
• D) only quantity adjusts in both the short run and the long run.

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Definitions:

Divisiveness

The tendency or characteristic of causing disagreement, discord, or splitting groups into opposing factions.

Power Distance

A cultural dimension that describes the extent to which individuals in a society accept and expect power to be distributed unequally.

Sense of Individualism

A philosophy or social outlook that emphasizes the moral worth of the individual.

Global Leadership Skills

The ability to exercise effective leadership in a variety of countries.