Which of the Following Is Not a Characteristic of a Perfectly

question 198

Multiple Choice

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

• A)There are a very large number of firms that are small compared to the market.
• B)All firms sell identical products.
• C)There are no restrictions to entry by new firms.
• D)There are restrictions on exit of firms.

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Definitions:

Bystander Effect

A social psychological phenomenon where individuals are less likely to help a victim when other people are present, often due to diffused responsibility.

Nature of Groups

The characteristics, dynamics, and processes that define how groups are formed, function, and dissolve.

Group Cohesiveness

The extent to which members of a group are bound together, typically leading to increased group functioning and harmony.

Groupthink

A psychological phenomenon that occurs within a group of people when the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.