The Assumptions of Perfect Competition _____

question 73

Multiple Choice

The assumptions of perfect competition _____.

• A)are satisfied in most real-world markets
• B)do not readily apply to most real-world markets
• C)are hardly ever satisfied and therefore make the study of perfect competition unwarranted
• D)if satisfied,lead to equitable outcomes

Define "exposure" and identify examples of high-exposure jobs.

Understand different types of causal effects in leadership situations.

Assess the impact of decision-making styles on managerial efficiency.

Understand the concept and importance of ecotourism and its impact on local communities and the environment.

---

Definitions:

Total Utility

The overall satisfaction or benefit a person receives from consuming a particular quantity of goods or services.

Income Effect

The alteration in a person's or an economy's earnings and its effect on the amount of a product or service they seek to purchase.

Law of Demand

The principle that there is an inverse relationship between the price of a good and the amount of it consumers are willing to buy, all else being equal.

Income Effect

How an individual's or an economic system's revenue shift affects the demand level for a particular good or service.