One Characteristic of Perfect Competition Is

question 85

Multiple Choice

One characteristic of perfect competition is:

• A)a differentiated product.
• B)many firms.
• C)restricted entry.
• D)preferred access to resources.

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Definitions:

Labor

The human effort, both physical and mental, used in the production process to create goods or provide services.

Labor Unions

Organizations representing workers in various industries, advocating for better wages, working conditions, and benefits for their members.

Non-Unionized Industries

Sectors of the economy where the workforce is not part of a labor union or covered by a collective bargaining agreement.

Recession

A phase of short-term economic downturn marked by decreased business and manufacturing operations, typically recognized by a decline in Gross Domestic Product for two consecutive quarters.