Which Is the Most Accurate Statement

question 316

Multiple Choice

Which is the most accurate statement?

• A)There are generally large economies of scale available to perfect competitors.
• B)Perfect competition is an ideal state of affairs,which unfortunately,does not exist in any industry.
• C)A perfectly competitive industry often has substantial barriers to entry.
• D)Although perfect competitors produce an identical product,they do compete on the basis of price.

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Definitions:

First Century

The period from 1 AD to 100 AD, marking the beginning of the Common Era and notable for the spread of the Roman Empire and the early development of Christianity.

Fifth Century

The time period from the year 401 to 500 AD, noted for significant transitions in the Roman Empire and the spread of Christianity.

Mid-Third Century

The period roughly from 250 to 260 AD, part of the classical era of history.

Prefiguration of Christ

The interpretation of events, persons, or symbols in the Old Testament as foreshadowing or anticipating Christ's life and work.