Which of the Following Is a Characteristic of Perfect Competition

question 244

Multiple Choice

Which of the following is a characteristic of perfect competition?

• A)Individual firms have the power to set prices.
• B)Firms produce differentiated products.
• C)New firms can easily enter the market.
• D)There are only a few very large firms producing all output in the market.

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Definitions:

Female Workers

Female workers are individuals who identify as female and participate in the labor force, either through employment or seeking employment.

Labor-market Discrimination

Unfair treatment of workers based on personal characteristics unrelated to their job performance or skills, such as race, gender, or age.

Racial Minority

A group of people identified by their race who make up a smaller percentage of the total population than the majority group.

Labor Market

The supply of available workers in relation to available work.