A Necessary Condition for the Operation of a Perfectly Competitive

question 7

True/False

A necessary condition for the operation of a perfectly competitive market is free entry and exit from the market.

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Definitions:

Product Decision

The process of defining, developing, and managing the production of goods or services that meet customer needs and preferences.

Manage Risk

The process of identifying, assessing, and controlling threats to an organization's capital and earnings.

Tolerate Failure

The capacity of an organization or system to endure and learn from failures without suffering catastrophic consequences.

Value Engineering

A systematic approach to improve the 'value' of products or services by using an examination of function. Value can be increased by either improving the function or reducing the cost.