One of the Following Is Not a Characteristic of Perfect

question 205

Multiple Choice

One of the following is not a characteristic of perfect competition.Which is it?

• A)Firms advertise to increase their market share.
• B)Profits are low in the long run.
• C)Consumers pay little attention to brand names.
• D)Firms pay no attention to their competitors' output levels.

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Definitions:

Economic Growth

Refers to the increase in the production of economic goods and services, compared from one period of time to another.

Trade Deficit

A situation where a country's imports of goods and services exceed its exports, leading to more money leaving the country than coming in.

Economic Growth

Economic growth is the increase in the production of goods and services in an economy over a period, leading to a rise in the country's standard of living.

Trade Deficit

A trade deficit occurs when a country's imports exceed its exports during a given time period.