Perfect Competition Is a Market Structure

question 119

Multiple Choice

Perfect competition is a market structure

• A) in which any firm would have serious impediments to entry or exit.
• B) in which individual buyers and sellers have no effect on the market price.
• C) resulting from individual firms selling highly differentiated products.
• D) where there is significant regulation and markets are always efficient.

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Definitions:

Iran-Contra

A political scandal in the United States during the Reagan Administration involving the secret sale of arms to Iran and the illicit diversion of the proceeds to fund Contra rebel groups in Nicaragua.

Arms-For-Hostages

Refers to the clandestine arrangement of trading arms for the release of hostages, notably associated with the Iran-Contra affair in the 1980s under the Reagan administration.

Oliver North

A former United States Marine Corps officer who was involved in the Iran-Contra Affair, a political scandal involving the secret sale of weapons to Iran and the diversion of funds to support Contra rebels in Nicaragua.

Yasir Arafat

A Palestinian political leader and the chairman of the Palestine Liberation Organization (PLO) from 1969 until his death in 2004, who played a central role in the Palestinian liberation movement.