One of the Following Is Not a Characteristic of Perfect

question 205

Multiple Choice

One of the following is not a characteristic of perfect competition.Which is it?

• A)Firms advertise to increase their market share.
• B)Profits are low in the long run.
• C)Consumers pay little attention to brand names.
• D)Firms pay no attention to their competitors' output levels.

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Definitions:

Reality

The state of things as they actually exist, as opposed to an idealistic or notional idea of them.

Perception

The way in which something is regarded, understood, or interpreted by the mind.

Multiple Causality

The concept that an event or phenomenon can be caused by more than one factor or reason.

Past Experience

Previous events or interactions that influence an individual's beliefs, behaviors, and attitudes.