Perfect Competition Is Characterized by All of the Following Except

question 190

Multiple Choice

Perfect competition is characterized by all of the following except

• A)heavy advertising by individual sellers.
• B)homogeneous products.
• C)sellers are price takers.
• D)a horizontal demand curve for individual sellers.

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Definitions:

Disinflation

A slowdown in the rate of increase of the general price level of goods and services over time.

Structural Unemployment

A situation in which there is a mismatch between the skills of unemployed workers and the skills needed for available jobs.

Cyclical Unemployment

This type of unemployment fluctuates with the business cycle, increasing during economic downturns and decreasing during periods of economic growth.

Frictional Unemployment

Short-term unemployment that arises from the process of matching workers with jobs and occurs even in healthy economies.