The Assumption Under Perfect Competition of a Firm That Has

question 15

Multiple Choice

The assumption under perfect competition of a firm that has no market power means that

• A)firms are free to leave the market any time and there is no power keeping them there.
• B)the good one firm produces is very different than the good another produces.
• C)the good one firm produces is exactly then same as the good another firm produces.
• D)that no buyer will pay more for one firm's good than another's.

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Definitions:

MTBF

Mean Time Between Failures, a reliability metric that measures the average time between system failures in a process or product.

System Reliability

The probability that a system will perform its intended function without failure under stated conditions for a specified period of time.

Redundant Check

A process or mechanism that is repeated or additional, used to verify accuracy or reliability to ensure errors are minimized.

Reliability Ratings

A measure or score indicating the dependability, quality, or performance consistency of a product, system, or entity.