Perfect Competition Is a Market Structure

question 119

Multiple Choice

Perfect competition is a market structure

• A) in which any firm would have serious impediments to entry or exit.
• B) in which individual buyers and sellers have no effect on the market price.
• C) resulting from individual firms selling highly differentiated products.
• D) where there is significant regulation and markets are always efficient.

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Definitions:

Heritability

A measure of how much of the variation in a trait within a population is due to genetic differences among individuals in that population.

Twin Studies

Studies of the heritability of a disorder by comparing concordance rates between monozygotic and dizygotic twins.

Identical Twins

Twins resulting from the splitting of a single fertilized egg, sharing the same genetic material and thus being genetically identical.

Genes

Units of heredity made up of DNA that act as instructions to make molecules called proteins, affecting how organisms inherit traits from their parents.