In Part, Perfect Competition Arises If I

question 65

Multiple Choice

In part, perfect competition arises if i. each firm's minimum efficient scale is large relative to demand.
Ii. each firm produces a good or service identical to those produced by its many competitors.
Iii. there are significant barriers to entry.

• A)i only
• B)ii only
• C)i and ii
• D)iii only
• E)ii and iii

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Definitions:

Data Communication

The exchange of data between two or more devices via any form of transmission medium.

Field Device

An equipment or sensor located in the operational environment, directly interacting with the physical process.

SCADA

An acronym for supervisory control and data acquisition.

Data Acquisition

The process of collecting and measuring physical or electrical data from various sources, typically for analysis and monitoring.