Which of the Following Is a Characteristic of Perfect Competition

question 168

Multiple Choice

Which of the following is a characteristic of perfect competition?

• A)many sellers and few buyers
• B)many buyers and few sellers
• C)a heterogeneous product
• D)buyers and sellers having all relevant information
• E)high barriers to entry and exit

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Definitions:

Studying Economics

The academic pursuit that involves analyzing how goods, services, and resources are produced, distributed, and consumed in society.

Marginal Benefits

The additional satisfaction or utility gained by consuming or producing one more unit of a good or service.

Marginal Costs

The rise in overall expenses resulting from the production of an extra unit of a product or service.

Studying Economics

The academic pursuit focused on understanding how individuals, businesses, and governments make choices on allocating scarce resources to satisfy their unlimited wants.