In a Perfectly Competitive Industry

question 19

Multiple Choice

In a perfectly competitive industry,

• A) there are relatively few firms operating in the industry.
• B) the products and services sold by firms in the industry are very different from each other.
• C) it is very costly for firms to enter the industry.
• D) it is not very costly for firms to enter or exit the industry.

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Definitions:

Reproductive Success

The passing on of genes to the next generation in a way that they too can pass on those genes.

Genetically Predisposed

The inherent susceptibility or tendency to develop certain conditions or traits based on one's genetic makeup.

Socially Prohibited

Behaviors or actions that are deemed unacceptable or taboo by societal standards or norms.

Disease-producing

Capable of causing or generating a disease; pathogenic.