Each of the Following Is a Characteristic of Perfect Competition

question 339

Multiple Choice

Each of the following is a characteristic of perfect competition except

• A)licenses,control of vital resources and government franchises are common.
• B)perfect knowledge.
• C)a lack of differentiation among products.
• D)many firms.

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Definitions:

Goods and Services

This term describes the combination of tangible products and intangible activities provided to fulfill consumer needs and desires.

Primary Activities

Fundamental functions and processes conducted by a business that directly relate to the creation, sale, maintenance, and support of a product or service.

Add Value

The process of increasing the worth of a product or service, often by improving quality, enhancing features, or improving its appeal.

Societal Pressure

Societal pressure refers to the influence exerted by a society upon individuals or organizations to behave in a certain way or to adopt specific norms and values.