In Perfect Competition

question 2

Multiple Choice

In perfect competition

• A) many firms sell slightly different products to many buyers.
• B) sellers are better informed about the prices than buyers.
• C) firms face no restrictions on entry into market.
• D) established firms have advantage over new ones.

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Definitions:

Phenotype

The set of observable characteristics or traits of an organism, resulting from the interaction of its genotype with the environment.

Genetic Variation

The differences in DNA sequences among individuals in a population, which can lead to variations in physical appearance, behavior, and susceptibility to diseases.

Eukaryotes

Organisms whose cells contain a nucleus enclosed within a membrane, including animals, plants, and fungi.

Archaea

A domain of single-celled microorganisms that are genetically distinct from bacteria and eukaryotes, often found in extreme environments.