The Conditions for a Perfectly Competitive Market Include Which One

question 88

Multiple Choice

The conditions for a perfectly competitive market include which one of the following?

• A) Firms can control prices.
• B) New entrants cannot threaten the position of existing firms.
• C) Firms must employ the newest technologies as soon as they are developed.
• D) Firms behave as price takers.
• E) Profits are zero in the short run.

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Definitions:

Pension Plans

Retirement plans funded by employers or employees where regular payments are made to beneficiaries during their retirement years.

Outsourcing

The practice of hiring third parties to perform services, handle operations or provide goods that are either cost-prohibitive or outside the company's core competencies.

Third-Party Service Providers

External organizations or individuals that offer specific services or perform tasks on behalf of another company, typically as a form of outsourcing.

Internal Staff

Employees who work within an organization, as opposed to external contractors or consultants, contributing to its operations, culture, and goals.