Economists Consider the Model of Perfect Competition Useful Because

question 53

Multiple Choice

Economists consider the model of perfect competition useful because:

• A)it is a standard for analyzing producer and consumer benefits.
• B)its assumptions exactly fit into actual conditions in some markets.
• C)its assumptions can be easily replaced with realistic ones.
• D)it is a standard for analyzing consumer choices.

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Definitions:

Malaria

A life-threatening disease transmitted to humans through the bite of infected Anopheles mosquitoes, caused by Plasmodium parasites.

Fetal Brain

The brain of a fetus, which begins to develop in the early stages of pregnancy and continues growing and complexifying throughout gestation.

CB-1 Receptors

Cannabinoid receptor type 1, primarily found in the brain, and play a role in the physiological processes including appetite, pain-sensation, mood, and memory.

Cocaine

A powerful stimulant drug, often used recreationally for its intense euphoric effects but highly addictive and illegal in most places.