Which of the Following Is a Condition That Is Necessary

question 45

Multiple Choice

Which of the following is a condition that is necessary for a market to be perfectly competitive?

• A)The firms face inelastic demand for their product.
• B)Market demand for the product is perfectly elastic.
• C)Firms can easily buy and sell the productive resources necessary to compete in the market.
• D)Consumers display strong brand loyalty.

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Definitions:

Urinary System

The body's drainage system for the eventual removal of urine, comprising of organs such as kidneys, ureters, bladder, and urethra.

Homeostasis

The process by which biological systems maintain a stable internal environment despite changes in external conditions.

Control Center

A central part of a system, such as the brain in the human body, that regulates the body's responses to stimuli and maintains homeostasis.

Pancreas

The pancreas is a glandular organ in the digestive and endocrine system that produces enzymes and hormones, including insulin, to regulate blood sugar levels.