Which of the Following Is Not a Reason Perfect Competition

question 529

Multiple Choice

Which of the following is not a reason perfect competition is a useful simplification, despite the diversity of market types we find in the world?

• A)Perfectly competitive markets are the easiest to analyze because everyone participating in the market takes the price as given by market conditions.
• B)Some degree of competition is present in most markets.
• C)There are many buyers and many sellers in all types of markets.
• D)Many of the lessons that we learn by studying supply and demand under perfect competition apply in more complicated markets as well.

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Definitions:

Cognitive Psychology

A branch of psychology focused on studying mental processes such as perception, memory, thought, and problem-solving.

Humanistic Approach

A psychological perspective emphasizing individual potential and stressing the importance of growth and self-actualization.

Psychology

Psychology is the scientific study of the human mind and its functions, especially those affecting behavior in a given context.

Cognitive

Relating to mental processes such as attention, memory, language processing, perception, problem solving, and thinking.