The Characteristics That Describe a Perfectly Competitive Industry Include

question 92

Multiple Choice

The characteristics that describe a perfectly competitive industry include

• A) many firms selling an identical product.
• B) one firm selling to many buyers.
• C) many firms selling a slightly differentiated product.
• D) a few firms selling to many buyers.
• E) None of the above answers is correct.

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Definitions:

Abraham Maslow

A renowned American psychologist famous for developing the hierarchy of needs theory, which suggests psychological well-being is based on satisfying fundamental human needs in a specific order, ultimately leading to self-actualization.

Yerkes-Dodson Law

A theory suggesting there is an optimal level of arousal for performance, and too little or too much can hinder it.

Task Instructions

Specific directions or orders given to an individual or a group to follow in order to complete a task or achieve an objective.

Self-actualization

Self-actualization is the realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.