One of the Following Is Not a Characteristic of Perfect

question 205

Multiple Choice

One of the following is not a characteristic of perfect competition.Which is it?

• A)Firms advertise to increase their market share.
• B)Profits are low in the long run.
• C)Consumers pay little attention to brand names.
• D)Firms pay no attention to their competitors' output levels.

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Definitions:

Equitable Principles

Principles based on fairness, morality, and justice rather than strict rules of law.

Reliance Damages

Compensation awarded for losses suffered as a result of relying on a promise or contract that was not fulfilled.

Liquidated Damages

Pre-agreed upon sums specified in a contract, payable as compensation for breach or failure to meet specific terms.

Acknowledged Damages

Damages that have been recognized and confirmed by the parties involved in a dispute or by a legal authority.