Perfect Competition Is the Term Used to Describe

question 182

Multiple Choice

Perfect competition is the term used to describe

• A)an industry in which all businessmen are honest and accommodating.
• B)an industry in which numerous firms produce identical products.
• C)an industry untouched by government regulation.
• D)the kind of industry any American would support.

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Definitions:

Individual Values

Personal or intrinsic beliefs and principles that guide an individual's behavior and decision-making processes.

Society

A group of individuals involved in persistent social interaction, or a large social group sharing the same geographical or virtual territory, subject to the same political authority and dominant cultural expectations.

Business Action

Activities or initiatives undertaken by a business in pursuit of its objectives, including operational, strategic, and ethical decisions.

Business Ethics Issue

A situation in business that involves challenges or problems requiring a choice that could be judged as right or wrong from an ethical standpoint.