In an Environment Characterized by Perfect Competition,we Expect That ________

question 34

Multiple Choice

In an environment characterized by perfect competition,we expect that ________.

• A)there are very few firms in the economy
• B)there are many firms in the economy but a very few have the lion's share of the industry
• C)the are many small firms in the economy and every single firm is a price taker
• D)the government sets prices for all firms
• E)none of the above

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Definitions:

Ectoderm

Outermost tissue layer of an animal embryo.

Implantation

The process by which a fertilized egg attaches itself to the lining of the uterus, marking the beginning of pregnancy.

Zygote

A fertilized egg cell that results from the union of a female gamete (egg) and a male gamete (sperm), marking the beginning of embryonic development.

Oviduct

The tube through which an ovum or egg passes from the ovary to the uterus; also known as the fallopian tube.