Which of the Following Is NOT a Characteristic of Perfect

question 95

Multiple Choice

Which of the following is NOT a characteristic of perfect competition?

• A) differentiated products
• B) large number of buyers and sellers
• C) price taking by each firm
• D) easy entry and exit into the market

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Definitions:

Simple Structure

An organizational design characterized by a low degree of departmentalization, wide spans of control, authority centralized in a single person, and little formalization.

Adhocracy

An organizational structure characterized by flexibility, employee empowerment, and an emphasis on innovation and problem-solving rather than hierarchy and strict procedures.

Globalization

The method through which companies or various entities expand their influence globally or begin to function at an international level.

Cultural Differences

Variations in the ways of life, traditions, and practices among groups of people from different backgrounds.