In an Environment Characterized by Perfect Competition,we Expect That ________

question 34

Multiple Choice

In an environment characterized by perfect competition,we expect that ________.

• A)there are very few firms in the economy
• B)there are many firms in the economy but a very few have the lion's share of the industry
• C)the are many small firms in the economy and every single firm is a price taker
• D)the government sets prices for all firms
• E)none of the above

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Definitions:

Bimodal Distribution

A probability distribution with two different modes or peaks, representing two prevalent values in a dataset.

Creativity

The use of the imagination or original ideas to create something; a process involving the generation of new, innovative solutions or expressions.

Imaginatively

In a manner that shows creativity or inventiveness, especially in solving problems or creating artistic works.

Sufficient

Enough to meet the needs of a situation or a proposed end.