Which of the Following Is a Characteristic of a Competitive

question 523

Multiple Choice

Which of the following is a characteristic of a competitive market?

• A)There are many buyers but few sellers.
• B)Firms sell differentiated products.
• C)There are many barriers to entry.
• D)Buyers and sellers are price takers.

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Definitions:

Test Statistic

A test statistic is a standardized value that is calculated from sample data during a hypothesis test. It's used to determine whether to reject the null hypothesis.

P-Value

The likelihood of obtaining results from a test that are at least as significant as those observed, on the premise that the null hypothesis is valid.

Null Hypothesis

A default hypothesis that there is no significant difference or effect, typically to be tested against an alternative hypothesis.

P-Value

The probability of observing test results at least as extreme as the results actually observed, assuming that the null hypothesis is true.