To Determine Whether a Market Is Perfectly Competitive, Economists Examine

question 159

Multiple Choice

To determine whether a market is perfectly competitive, economists examine the

• A)number of firms in the market.
• B)similarities among the products of the different firms in the market.
• C)ease of entry and exit by firms in the market.
• D)All of the above are correct.

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Definitions:

MRP

Material Requirements Planning, a system for managing manufacturing processes by ensuring that materials and products are available for production and delivery at the right time.

Computer-based Production Planning

The use of computer systems and software to plan, coordinate, and optimize the production process in manufacturing.

Inventory System

A mechanism for tracking and managing an organization's goods throughout their lifecycle, from procurement to sale.

Materials Requirement Planning

A production planning, scheduling, and inventory control system used to manage manufacturing processes, ensuring materials are available for production and products are available for delivery.