The Four Important Characteristics That Define a Perfectly Competitive Market

question 21

Multiple Choice

The four important characteristics that define a perfectly competitive market are:

• A) standardized good, full information, no transactions costs, participants are price takers.
• B) standardized information, finished good, no transactions costs, participants are price makers.
• C) standardized good, same information for buyer and seller, low transactions costs, participants are price takers.
• D) standardized good, full information, no transactions costs, participants are price makers.

---

Definitions:

BFOQ Defense

Stands for "Bona Fide Occupational Qualification," it is a defense used by employers to justify discrimination that is reasonably necessary to the normal operation of a particular business.

Title VII Liability

Liability under Title VII of the Civil Rights Act of 1964, which prohibits employment discrimination based on race, color, religion, sex, or national origin.

Fetal Protection

Measures or policies implemented to safeguard the health and wellbeing of a fetus, often in the context of workplace safety or medical treatment.

Mitochondria

Organelles within eukaryotic cells that produce energy through cellular respiration, often referred to as the powerhouse of the cell.