Which of the Following Is a Characteristic of Perfect Competition

question 113

Multiple Choice

Which of the following is a characteristic of perfect competition?

• A)easy entry into or exit from the market
• B)a small number of buyers
• C)a high degree of government regulation
• D)a differentiated product
• E)a high degree of collusion

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Definitions:

Privity of Contract

A principle indicating that only the parties involved in a contract have the rights and obligations arising from it.

Buyer's Obligation

A purchaser's duty to pay the agreed price for goods or services and to comply with the terms of the contract of purchase.

Credit Sale

A transaction where goods or services are provided in exchange for a promise to pay at a later date.

Notify Seller

The act of informing the seller about a relevant event, decision, or action, often as required by the terms of a contract or agreement.