In a Perfectly Competitive Industry, a Large Number of Firms

question 50

True/False

In a perfectly competitive industry, a large number of firms have products and services that are similar to each other and it is not very costly for firms to enter into or exit these markets.

---

Definitions:

Unstable External

This refers to external attributions for behavior that are variable or subject to change, such as luck or temporary circumstances.

Stable Internal

A term describing traits, beliefs, or motivations within an individual that are consistent over time and across different situations.

Unstable Internal

Attributes or characteristics within an individual that are inconsistent and subject to change.

Incremental Mind-Set

The belief that abilities and intelligence can grow and improve over time through effort and practice.