Which of the Following Is Not a Characteristic of a Perfectly

question 9

Multiple Choice

Which of the following is not a characteristic of a perfectly competitive market?

• A)Large number of firms in the industry.
• B)Outputs of the firms are perfect substitutes for one another.
• C)Limited information is available to all market participants.
• D)Ease of entry into the market.

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Definitions:

Cognitive Learning

A process involving mental operations that facilitate the acquisition and retention of knowledge, including thinking, understanding, and remembering.

Observational Learning

The process of learning behaviors by watching and imitating others, highlighted in Bandura's social learning theory.

Operant Conditioning

Operant Conditioning is a learning process through which the strength of a behavior is modified by reinforcement or punishment, a concept introduced by B.F. Skinner.

Neutral Stimulus

A stimulus that initially does not elicit any intrinsic response until it is associated with an unconditioned stimulus.