In a Perfectly Competitive World

question 34

Multiple Choice

In a perfectly competitive world:

• A) two-way trade would not occur.
• B) one-way trade would not occur.
• C) neither one-way trade nor two-trade would occur.
• D) both one-way trade and two-way trade would occur.

---

Definitions:

Police Powers

The authority granted to governmental units to enact measures within constitutional bounds to preserve order and protect public health and safety.

Working Hours

The period of time that an individual spends at paid occupational labor within a 24-hour day.

Muckrakers

Journalists and writers of the late 19th and early 20th centuries who sought to expose social ills and corporate and political corruption, aiming to spur public reform.

American Society

The societal structure and cultural norms of the United States, characterized by its diverse population and values such as freedom and democracy.