One of the Defining Characteristics of a Perfectly Competitive Market

question 13

Multiple Choice

One of the defining characteristics of a perfectly competitive market is

• A)a small number of sellers.
• B)a large number of buyers and a small number of sellers.
• C)a similar product.
• D)significant advertising by firms to promote their products.

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Definitions:

Variation Range

The difference between the highest and lowest values in a set of data, measuring the spread or dispersion of the data points.

Exaptation

A trait that becomes used for an entirely new purpose during evolution.

Key Innovation

An evolutionary adaptation that gives its bearer the opportunity to exploit a particular environment more efficiently or in a new way.

Adaptive Radiation

An evolutionary process in which organisms diversify rapidly into a multitude of new forms, particularly when a change in the environment makes new resources available or opens new niches.