Which of the Following Is an Assumption in the Model

question 41

Multiple Choice

Which of the following is an assumption in the model of perfect competition?

• A)The firms in a competitive industry produce a homogeneous product.
• B)The firms in a competitive industry actively compete with each other by advertising.
• C)There are no natural impediments to entry in a competitive industry,but there may be artificial impediments such as licensing.
• D)The firms in a competitive industry have a decreasing short-run marginal cost curve.

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Definitions:

Moderately Intelligent

Describing a level of cognitive ability that is average or slightly above average, indicating reasonable problem-solving and learning capabilities.

High Self-esteem

Refers to an individual's positive evaluation of oneself, characterized by confidence and feeling of self-worth.

Generic Brands

Products marketed without a branded name, often positioned as lower-cost alternatives to well-known brands.

High Ratings

A term used to indicate a positive evaluation or assessment, usually referring to quality, performance, or satisfaction in various contexts (e.g., product reviews, service evaluations).