Which of the Following Statements About a Perfectly Competitive Market

question 264

Multiple Choice

Which of the following statements about a perfectly competitive market are true? I. The perfectly competitive industry faces an upward sloping labor supply curve.
II) The individual firm in a perfectly competitive industry faces a perfectly elastic labor supply curve.

• A) I only
• B) II only
• C) Both I and II
• D) Neither I nor II

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Definitions:

Technological Change

The process by which new technologies are developed and introduced into society, influencing various aspects of life.

Dependency Theory

A theory suggesting that the economic conditions of wealthier nations are directly linked to the poverty of less developed nations, due to an unequal global system that benefits rich countries at the expense of poorer ones.

Economic Success

The achievement of financial goals and stability, often measured by factors such as income, wealth accumulation, and employment status.

Peripheral Countries

Nations that are less developed industrially and have less influence on the global economy compared to core or semi-peripheral countries, often exploited for their resources.