When Perfect Competition Prevails, Which of the Following Characteristics of Firms

question 282

Multiple Choice

When perfect competition prevails, which of the following characteristics of firms are we likely to observe?

• A) They erect and maintain barriers to new firms.
• B) There are not many of them.
• C) They all try to highlight the substantial product differentiation between producers.
• D) They are all price takers.

---

Definitions:

FR(N)

A notation often used in reliability engineering to refer to failure rate functions.

MTBF

Mean Time Between Failures, a reliability metric that denotes the average time between failures of a system or component.

Product Reliability

The likelihood that a product will not fail within a specific period under specified conditions.

Registration

The process of officially recording or enrolling something or someone in a list, database, or system, often for legal, official, or regulatory purposes.