In Perfect Competition,which of the Following Conditions Must Prevail

question 26

Multiple Choice

In perfect competition,which of the following conditions must prevail?

• A) All firms must adhere to cost and pricing standards.
• B) The number of firms in the industry must be limited.
• C) A single firm is able to influence the price of its product.
• D) It is relatively difficult to enter the industry.
• E) All firms in a given industry must be small.

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Definitions:

Herzberg

A psychologist known for the two-factor theory, which distinguishes between factors that cause job satisfaction and dissatisfaction.

Theory Y Assumptions

A management perspective that assumes employees are inherently motivated, enjoy their job duties, and will take on more responsibility if given the opportunity.

Management

The process of dealing with or controlling things or people, often within a business or organization.

Organizational Conditions

The various factors and circumstances within an organization that affect its operations and effectiveness.