Which of the Following Is Always True in Competitive Price-Taker

question 101

Multiple Choice

Which of the following is always true in competitive price-taker markets?

• A) There are more sellers than buyers.
• B) Barriers to entry into the market are low.
• C) The products of firms in the industry are differentiated.
• D) The firms never earn economic profit.

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Definitions:

Hallucination

A sensory experience of something that does not exist outside the mind, often seen, heard, or felt.

Anxiety Reaction

An emotional and physiological response to stress characterized by feelings of tension, worried thoughts, and physical changes like increased blood pressure.

Obsession

An intrusive and persistent thought, urge, or image that repeatedly enters the mind, often causing distress.

Manic Episode

A period of abnormally elevated or irritable mood, increased energy, and other specific symptoms that significantly impact functioning, associated with bipolar disorder.