Perfectly Competitive Markets

question 140

Multiple Choice

Perfectly competitive markets:

• A)are more of an idealized model economists use than a real-life occurrence.
• B)are the most common type of market in the United States.
• C)tend to have relatively few buyers.
• D)tend to have relatively few sellers.

---

Definitions:

True Power

The portion of power, measured in watts (W), that performs real work in a circuit, as opposed to apparent power which also includes reactive power.

Apparent Power

The total power in an AC circuit, combining both active (real) and reactive power, measured in volt-amperes (VA).

Voltage Drop

The reduction in voltage across a component or conductor in an electrical circuit, caused by the flow of current through the resistance or impedance of the component or conductor.

Series RL Circuit

An electrical circuit composed of resistors (R) and inductors (L) connected in series, characterized by the resistance and inductive reactance that influence the circuit's total impedance.