In Perfect Competition, Which of the Following Conditions Exists

question 48

Multiple Choice

In perfect competition, which of the following conditions exists?

• A) only one producer
• B) no relationship between supply and demand
• C) a large number of buyers and few sellers
• D) a large number of sellers producing nearly identical products

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Definitions:

Immigrate

To enter and settle in a country or region to which one is not native, often for permanent residency or employment.

Complementary Relationship

A situation where two goods or services are used together, and the increase in consumption of one leads to an increase in consumption of the other.

Illegal Fruit Pickers

Individuals who are employed in agricultural harvesting without legal authorization or documentation.

Domestic-born Truck Drivers

Truck drivers who are born within the country they are working, as opposed to those who have immigrated.