A Market Is Perfectly Competitive If

question 236

Multiple Choice

A market is perfectly competitive if

• A) each firm in it can influence the price of its product.
• B) there are many firms in it, each selling a slightly different product.
• C) there are many firms in it, each selling an identical product.
• D) there are few firms in the market.

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Definitions:

Hierarchical

characterizes systems or organizations structured in levels of rank or authority, where higher levels have control over the lower ones.

Approach-Inhibition Model

A psychological theory suggesting that power increases an individual's tendency to approach positive stimuli and outcomes, while reducing their perception of risks.

Teachers

Educators or instructors who facilitate learning for students, typically in a school, college, or university setting.

Students

Individuals enrolled in an educational institution for the purpose of learning.