Which of the Following Is True in a Perfectly Competitive

question 92

Multiple Choice

Which of the following is true in a perfectly competitive market?

• A)One unit of a good or service cannot be differentiated from any other on any basis.
• B)Brand preferences exist but are very slight.
• C)Barriers to entry are relatively strong.
• D)Information is costly.

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Definitions:

Calcite

A common and widely distributed mineral consisting of calcium carbonate (CaCO3), important in the formation of limestone and marble.

Stalactite

A conical or cylindrical cave formation that hangs from the ceiling of a cave and is composed mostly of calcium carbonate.

Travertine

A variety of limestone that is commonly concentrically banded and porous.

Karst Topography

A landscape formed from the dissolution of soluble rocks such as limestone, characterized by sinkholes, caves, and underground drainage systems.