Which Requirement for Perfect Competition Rules Out Trade Associations or Other

question 197

Multiple Choice

Which requirement for perfect competition rules out trade associations or other collusive arrangements in which firms work together to influence price?

• A)Freedom of entry and exit
• B)Homogeneity of product
• C)Perfect information
• D)Numerous small firms and customers

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Definitions:

Minority Individuals

Refers to individuals who belong to a demographic group that is smaller in number within a larger population, often highlighted in discussions about diversity, equity, and representation.

Inconsistent

Showing lack of uniformity or steadiness; contradictory or not compatible with previous actions or statements.

Majority Of Jury

Refers to the predominant portion of jurors in a trial whose agreement is necessary for a verdict.

Informational Influence

describes the effect on an individual's behavior that occurs when they accept information from others as evidence about reality, leading to conformity.