Which of the Following Statements Correctly Describes Perfectly Competitive Market

question 183

Multiple Choice

Which of the following statements correctly describes perfectly competitive market equilibrium?

• A) Competitive markets converge to the price at which quantity supplied and quantity demanded are equal.
• B) Government intervention is necessary for the competitive market to reach equilibrium.
• C) There is always excess supply or excess demand when the competitive market is in equilibrium.
• D) Multiple equilibriums are possible for a given set of demand and supply curves in a competitive market.

Conceptualize the environmental basis of genetic trait advantages, such as toxin tolerance in predators.

Understand the timing and causes of mass extinctions, including the role of human activities.

Recognize the diversity and evolutionary history of life on Earth, from microbial life to megafauna.

Identify factors contributing to species extinction and the conservation status of current species.

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Definitions:

Work In Process

Inventory that is in the production process but not yet completed; reflects goods that are being manufactured but aren't finished products.

Average Costing

An inventory costing method where goods are priced based on the average cost of all similar items in inventory, suitable for homogeneous products.

FIFO

An acronym for "First In, First Out," a method used in inventory management and accounting where the oldest inventory items are recorded as sold first.

Unit Costs

The expense associated with manufacturing, storing, or acquiring a single unit of a good or service.