Which of the Following Lists Three Main Characteristics of a Competitive

question 74

Multiple Choice

Which of the following lists three main characteristics of a competitive market?

• A) many buyers and sellers,similar products,easy entry into the market
• B) many buyers and few sellers,similar products,easy entry into the market
• C) many buyers and sellers,differentiated products,easy entry into the market
• D) many buyers and sellers,similar products,barriers to entry into the market
• E) many buyers and few sellers,unique products,barriers to entry into the market

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Definitions:

Normative Economic Statements

Assertions about what ought to be in the economy, reflecting judgments and prescriptions for economic policy.

Positive Economic Statements

Statements that can be tested and validated; they describe the world as it is versus how it should be.

Opinion

A personal view, attitude, or appraisal.

Rational Behavior

The theory that individuals make decisions based on maximizing their own benefit or utility, considering all available information and the potential costs and benefits.