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.

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Definitions:

Sexual Behavior

Activities that involve seeking or obtaining sexual pleasure, which can vary widely among individuals and cultures.

Norms

Shared standards or expected behaviors within a group or society, guiding members on appropriate conduct.

Gender Schemas

Cognitive structures that influence how individuals perceive and interpret gender roles and behaviors.

Cultural Norms

The shared expectations and rules that guide behavior of people within social groups.