A Process Flowchart Uses Which of the Following Symbols to Represent

question 5

Multiple Choice

A process flowchart uses which of the following symbols to represent tasks or operations in a flow diagram?

• A) Rectangle
• B) Arrow
• C) Inverted triangle
• D) Diamond
• E) A dashed line

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Definitions:

Perfectly Competitive Industry

A market structure characterized by many small firms, homogeneous products, and free entry and exit, leading to price takers.

Market Demand Curve

A graphical representation showing the quantity of a good or service buyers are willing to purchase at various prices.

Perfectly Competitive

A market situation where there are many sellers and buyers, the products are homogeneous, and no single entity can influence the market price.

Perfect Competition

An industry structure in which there are many firms, each being small relative to the industry and producing virtually identical products, and in which no firm is large enough to have any control over prices.