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:

Jan Nederveen Pieterse

A scholar in globalization studies, known for his work on globalism and cultural hybridity.

Global Cultures

The phenomenon of increasingly shared norms, values, practices, and cultural expressions across the world, facilitated by processes of globalization.

Local Cultures

The unique characteristics, traditions, and practices of smaller, geographically defined communities within larger societies.

Illusionary Closing

A concept likely referring to the misleading end or resolution of a situation that fails to address underlying issues.