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:

Contingency

A term used to describe the relation between behaviors and their antecedents and consequences.

Behavior

The observable actions or responses of individuals or groups to internal stimuli or external environments.

Potent Reinforcers

Highly effective incentives or rewards that significantly influence behavior.

Behavior Modification

The use of empirically demonstrated behavior change techniques to improve or alter human behavior, often including reinforcement or punishment.