In Perfect Competition,which Is NOT True

question 108

Multiple Choice

In perfect competition,which is NOT true?

• A) Every firm has a small but perceivable market power.
• B) There are a large number of firms.
• C) Firms are price-takers.
• D) Firms produce homogenous goods.

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Definitions:

Group Decision Making

The process where a group of individuals collectively make a choice from the alternatives before them.

Task Group

A group formed with the specific purpose of achieving a goal or completing a job, project, or assignment within a defined period.

Decision Making

is the cognitive process of selecting a course of action from among multiple alternatives.

Groupthink

A psychological phenomenon in which the desire for harmony or conformity in a group results in an irrational or dysfunctional decision-making outcome.