Which of the Following Is Necessary for the Presence of Competition

question 207

Multiple Choice

Which of the following is necessary for the presence of competition in a market?

• A) Government regulations that assure firms will make excess profits.
• B) Suppliers that offer a homogeneous product.
• C) A price that always equals per-unit production costs.
• D) Low barriers to entry into the market.

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Definitions:

Dominant Groups

Social or ethnic groups that hold significant power, influence, and privilege in society, often setting norms and standards for others to follow.

Functional Perspective

A theoretical framework in sociology that emphasizes the functions or purposes of various social structures and institutions in maintaining the stability and equilibrium of a society.

Individual

A single human being distinct from a group, class, or family.

Injustice

The lack of fairness or justice within society, where rights are not upheld or discrimination is prevalent.