The Four Important Characteristics That Define a Perfectly Competitive Market

question 101

Multiple Choice

The four important characteristics that define a perfectly competitive market are:

• A) a standardized good, full information, no transaction costs, and price-taking participants.
• B) standardized information, a finished good, no transaction costs, and price-making participants.
• C) a standardized good, the same information for buyers and sellers, low transaction costs, and price-taking participants.
• D) a standardized good, full information, no transaction costs, and price-making participants.

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Definitions:

Generation X

The demographic cohort born between the mid-1960s to early 1980s, known for its entrepreneurial spirit and adaptability to technology and change.

Generation Y

Refers to the demographic cohort following Generation X, typically born between the early 1980s and the mid-1990s to early 2000s.

Generation Z

Refers to individuals born between 1996 and 2009.

Generation Alpha

Refers to individuals born in 2010 and later.