A perfectly competitive industry is a
A. realistic extreme.
B. hypothetical assumption.
C. hypothetical extreme.
D. realistic assumption.
Answer:C
A perfectly competitive industry is a
A. realistic extreme. B. hypothetical assumption. C. hypothetical extreme. D. realistic assumption.
Explanation: 12. The fact that a consumer is not required to buy the goods that a given firm produces, as well as the fact that the consumer might want the goods a firm produces, but may choose to buy from other firms instead