Although There Are Many Reasons Why a Market Can Be

question 2

Multiple Choice

Although there are many reasons why a market can be non-competitive, the principal economic difference between a competitive and a non-competitive market is:

• A) the number of firms in the market.
• B) the extent to which any firm can influence the price of the product.
• C) the size of the firms in the market.
• D) the annual sales made by the largest firms in the market.
• E) the presence of government intervention.

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Definitions:

Behavioural Component

In psychology, relates to the actions or reactions of an individual in response to external or internal stimuli.

Physiological Component

The aspects of a biological or psychological phenomenon that are related to the functions of living organisms and their parts.

Emotional Experience

The complex feeling states that arise from the sensory input and can include reactions and physiological expressions.

Behavioural Component

Refers to the actions or reactions of an organism in response to external or internal stimuli.