Which of the Following Assumptions About Perfectly Competitive Markets Is

question 24

Multiple Choice

Which of the following assumptions about perfectly competitive markets is primarily responsible for the horizontal demand curve facing the individual firm?

• A)differentiated product
• B)consumers are aware of all firms' prices
• C)each firm is small relative to the size of the industry
• D)freedom of entry and exit in the industry
• E)strategic behaviour

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Definitions:

Supermarkets

Large retail market stores that specialize in selling a wide range of food and household products, often under one roof.

Minority Inhabited Areas

Geographic regions predominantly occupied by individuals from racial or ethnic minority groups.

Generations Ahead

A term used to describe future generations or the planning and actions taken to benefit those who will live in the future.

Intersectionality

is a theoretical framework that examines how overlapping social identities, such as race, gender, and class, contribute to systemic oppression and discrimination.