If Perfect Competition Existed Everywhere, Along with Frictionless Exchange, Perfect

question 155

Multiple Choice

If perfect competition existed everywhere, along with frictionless exchange, perfect information, and constant returns to scale,

• A)consumers would carry out transactions directly with resource suppliers
• B)firms would not have the information necessary to calculate marginal productivities of resources
• C)entrepreneurs would be needed to collect information
• D)consumers would produce output and then engage in barter
• E)the economy would be organized into one large firm

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Definitions:

Type B

A personality type characterized by a relaxed, less competitive approach and lower levels of stress.

Health Effects

The alterations in health or disease status resulting from exposure to a particular agent, lifestyle, or environmental condition.

DSM-5 Criteria

The diagnostic criteria and classification of mental disorders listed in the Fifth Edition of the Diagnostic and Statistical Manual of Mental Disorders.

Somatic Symptom Disorder

A mental disorder characterized by an excessive focus on physical symptoms that cause significant distress and impairment.