Which of the Following Is NOT a Characteristic of a Perfectly

question 218

Multiple Choice

Which of the following is NOT a characteristic of a perfectly competitive industry?

• A) There is free entry and exit in the long run.
• B) The industry demand curve is downward sloping.
• C) Each firm produces the same homogeneous product.
• D) Economic profits must be positive in the short run.

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Definitions:

Psychodynamic View

A psychological perspective that focuses on unconscious processes and childhood experiences in shaping behavior and personality.

Primary Gain

In psychoanalytic theory, the direct internal benefits derived from manifesting a psychological symptom, such as relief from anxiety or conflict.

Cognitive-Behavioral

Relating to a therapeutic approach that addresses dysfunctional emotions, behaviors, and cognitions through a goal-oriented, systematic procedure.

Psychodynamic

A psychological perspective that emphasizes unconscious psychological processes (for example, wishes and fears of which we're not fully aware) and contends that childhood experiences are crucial in shaping adult personality.