Which of the Following Is Not a Characteristic of Perfect

question 98

Multiple Choice

Which of the following is not a characteristic of perfect competition?

• A)Large number of firms in the industry.
• B)Outputs of the firms are perfect substitutes for one another.
• C)Firms face downward-sloping demand functions.
• D)No barriers to entry or exit.

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Definitions:

Olfactory Bulb

A brain structure above the olfactory epithelium in the nasal cavity; from this structure, the olfactory nerve carries information about smell to the brain.

Odorants

Odorants are chemicals that are capable of eliciting a physiological response that is detected by the sense of smell.

Thalamus

A brain structure that acts as a relay station for sensory signals, excluding smell, to the cerebral cortex.

Olfaction

A sensory process involving the recognition and perception of smells through specialized receptor cells in the nasal cavity.