Which of the Following Best Describes Perfect Competition

question 208

Multiple Choice

Which of the following best describes perfect competition?

• A)40 firms producing an identical product.
• B)All firms earning an economic profit in the long run.
• C)Many firms,some large and some small,with perfect knowledge.
• D)Hundreds of very small firms,producing an identical product.

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Definitions:

Negative Word

A term or expression with connotations that evoke unpleasant or undesirable emotions or associations.

Minimize Negative

Strategies or actions taken to reduce or mitigate negative outcomes, effects, or perceptions.

Negative Word

A term or phrase that conveys a negative connotation or sentiment.

Dissatisfied

The feeling of not being pleased or content with a product, service, or outcome.