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:

Kindergarten Students

Children who attend the first year of school that is aimed at introducing them to the structure and social environment of school.

Abstract Thinking

The ability to consider concepts, possibilities, and ideas that are not immediately visible, tangible, or concrete.

Formal Operational

A stage of cognitive development in Jean Piaget's theory, characterized by the ability to think abstractly, logically, and systematically.

Impossible Event

A hypothetical or fictional occurrence that defies the laws of physics or logic.