How Would Economists Most Often Define a Perfectly Competitive Market

question 23

Multiple Choice

How would economists most often define a perfectly competitive market?

• A) Many firms compete with one another, and the cost of entering the market is low.
• B) Many firms compete with one another, and the cost of entering the market is high.
• C) Firms do not compete with one another, and the cost of entering the market is low.
• D) Firms do not compete with one another, and the cost of entering the market is high.

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Definitions:

Points

In finance, a point represents a single unit of measurement for various metrics, including interest rates and stock prices.

Basketball Player

An athlete who participates in the sport of basketball, playing on a team and competing in games and tournaments.

Symmetric

Referring to a shape or function that is mirrored equally on both sides of a central axis.

Skewed

A description of data that are not symmetrically distributed, often showing a longer tail on one side of the distribution's peak.