Which of the Following Is Characteristic of a Perfectly Competitive

question 82

Multiple Choice

Which of the following is characteristic of a perfectly competitive market?

• A)Differentiated products.
• B)Price below marginal revenue.
• C)A large number of firms.
• D)Significant barriers to entry.

---

Definitions:

Unilateral Contract

A promise exchanged for an act.

Nominal Consideration

A token amount in a contract to indicate that a deal has been agreed upon, even if the sum is not reflective of the contract's true value.

Love And Affection

Love and Affection, in legal terms, sometimes appears as a form of consideration in personal contracts, though it is not typically recognized as a valid form of consideration in commercial contracts.

Past Consideration

A benefit or value provided or promised in the past, which cannot be considered valid consideration for a current contract under common law.