Which Statement Is NOT an Assumption That Economists Make When

question 86

Multiple Choice

Which statement is NOT an assumption that economists make when using the model of perfect competition?

• A)Firms seek to maximize profits.
• B)The products of each firm in a particular market are identical.
• C)Each firm sets its price equal to its average total cost.
• D)Entry into and exit from the industry are easy.

Recognize the diversity and growth rates of ethnic minorities in the U.S.

Learn about the methods and importance of cross-cultural research.

Differentiate between societal values that prioritize individual goals versus group goals.

Understand the appropriate pain assessment tools for children of different ages.

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Definitions:

Organizational Productivity

The measure of how efficiently and effectively a company or organization utilizes its resources to achieve its goals.

Personal Accountability

The willingness of an individual to take responsibility for their actions and outcomes, and to transparently communicate failures and mistakes.

Individual Interests

Personal goals, desires, or activities that an individual finds satisfying or meaningful.

Groups

Collections of individuals who come together to achieve a common purpose or share a common interest.