Competitive Markets Exist When

question 72

Multiple Choice

Competitive markets exist when

• A) there are so many buyers and sellers that each has only a small impact on the market price and the market output.
• B) there are more buyers than sellers,giving the buyers market power.
• C) there are more sellers than buyers,giving the sellers market power.
• D) accounting profits become zero because of price wars.
• E) prices are so low that everyone who wants the good or service gets the good or service.

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Definitions:

Middle Passage

The sea voyage that transported enslaved Africans across the Atlantic Ocean to the Americas as part of the triangular slave trade, noted for its brutal conditions.

Enslaved Africans

Individuals from Africa who were forcibly taken from their homeland, sold into bondage, and subjected to slavery, primarily in the Americas and the Caribbean.

Caribbean

A geographic region consisting of the Caribbean Sea, its islands, and the surrounding coasts, known for its distinct cultural, historical, and political identities.

Influx

An arrival or entry of large numbers of people or things.