Which Is a Characteristic of a Perfectly Competitive Market

question 207

Multiple Choice

Which is a characteristic of a perfectly competitive market?

• A) no close substitutes for the product
• B) mutually interdependent decisions
• C) no barriers to market entry or exit
• D) potential for long-run economic profit

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Definitions:

Output Word

A group of binary digits or bits that are treated as a single unit of output data, commonly used in digital electronics and computing.

Mechanical Sequencer Switches

Devices used to sequence operations or actions, typically in an automated or industrial setting.

Drum Switches

Mechanical switches that can change the state, direction, or operation of electric motors or other machinery, often using a rotating drum to change contact positions.

Sequencer Switches

Sequencer switches are electrical or electronic components that control the sequence in which specific operations or processes occur.