Which of the Following Features Is Common to Both Perfectly

question 59

Multiple Choice

Which of the following features is common to both perfectly competitive markets and monopolistically competitive markets?

• A) Firms produce homogeneous goods.
• B) There is free entry.
• C) Long-run profits are zero.
• D) There is free entry and long-run profits are zero.

---

Definitions:

Criteria

Standards or benchmarks used to evaluate or make judgments about the quality, success, or effectiveness of something.

Segment Consumer Markets

The process of dividing a consumer market into distinguishable groups of customers with similar needs or characteristics.

Bases

In marketing, identified segments of the broader market grouped by shared characteristics or needs to target products or strategies effectively.

Perceptual Map

A visual tool used in marketing to display how target customers perceive a brand or product in comparison to competitors.