One of the Defining Characteristics of a Perfectly Competitive Market

question 13

Multiple Choice

One of the defining characteristics of a perfectly competitive market is

• A)a small number of sellers.
• B)a large number of buyers and a small number of sellers.
• C)a similar product.
• D)significant advertising by firms to promote their products.

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Definitions:

Peer Review

The evaluation of work or performance by one or more people with similar competences as the producers of the work, often used in academia and professional fields.

Nonunion Grievance Processes

Procedures allowing employees not affiliated with a union to address complaints or disputes in the workplace.

Grievance Filing Rates

The frequency at which employees file formal complaints (grievances) against their employers, usually related to contract or work condition violations.

Past Practice

A term used in labor relations to refer to a customary practice that, over time, has become an accepted way of doing things despite not being formally written into a contract.