Competition Is More Likely to Exist When

question 68

Multiple Choice

Competition is more likely to exist when:

• A)there is free entry into and exit out of industries.
• B)there is a single supplier of all goods and services.
• C)the government purchases most goods and services.
• D)products are produced by a few large firms.

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Definitions:

Subgroup

A smaller group formed within a larger group, often sharing common interests or characteristics distinct from the larger group.

Bigger Group

A term referring to a larger collection or ensemble of individuals or entities united by a common purpose or characteristic.

Expert Power

Power derived from having knowledge and expertise.

Experienced Architect

A professional who has accumulated significant knowledge and skills in the field of architecture through prolonged practice and involvement in various projects.