Which of the Following Is a Necessary Condition for Perfect

question 253

Multiple Choice

Which of the following is a necessary condition for perfect competition?

• A) A small number of firms control a large share of the total market.
• B) Movement into and out of the market is limited.
• C) Firms produce a standardized product.
• D) Extensive advertising is used to promote the firm's product.

---

Definitions:

Attention And Perception

The cognitive processes that allow individuals to focus on specific stimuli and interpret the sensory information from their environment.

Neonate

A newborn infant up to 1 month old.

Reflexive Behaviors

Automatic, involuntary responses to specific stimuli without conscious thought process involved.

Instinctual Behaviors

Innate, fixed patterns of action that are performed in response to specific stimuli, often essential for an organism's survival.