Perfect Competition Is Characterized by All of the Following EXCEPT

question 101

Multiple Choice

Perfect competition is characterized by all of the following EXCEPT

• A) a large number of buyers and sellers.
• B) no restrictions on entry into or exit from the industry.
• C) considerable advertising by individual firms.
• D) buyers and sellers are well informed about prices.
• E) firms produce an identical product.

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Definitions:

Scientific Management

A management theory that applies scientific methods and principles to the administration of businesses or organizations to increase efficiency.

Frederick Taylor

Pioneer of scientific management theory, which emphasizes efficiency and productivity through the analysis and organization of work flows.

Standardization

The process of developing and implementing technical standards to make a process or product more consistent and efficient.

Task Study

The examination and analysis of how tasks are accomplished within an organization, often aiming to enhance efficiency and productivity.