Which of the Following Is a Characteristic of Perfect Competition

question 5

Multiple Choice

Which of the following is a characteristic of perfect competition?

• A)substantial barriers to entry
• B)homogeneous products
• C)few sellers
• D)each firm has significant control over the market
• E)none of the above

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Definitions:

Strategic Advantage

A position of superiority or advantageous condition that a business holds over its competitors, often achieved through innovation, quality services, or cost leadership strategies.

Dependent Demand Technique

A method used in material requirements planning that calculates the need for components based on the demand for the final products they contribute to.

Bill of Material

A comprehensive list of materials, components, and instructions required to construct, manufacture, or repair a product or service.

Material Requirements

Specifications and quantities of materials needed to manufacture a product, often determined by detailed planning processes such as Material Requirements Planning (MRP).