A Market Is Competitive If (I)

question 281

Multiple Choice

A market is competitive if (i)
Firms have the flexibility to price their own product.
(ii)
Each buyer is small compared to the market.
(iii)
Each seller is small compared to the market.

• A)(i) and (ii) only
• B)(i) and (iii) only
• C)(ii) and (iii) only
• D)(i), (ii), and (iii)

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Definitions:

University of Pennsylvania

An Ivy League research university located in Philadelphia, Pennsylvania, known for its prestigious programs in various disciplines.

Production Filling

The process of manufacturing, wherein products are filled into their final packaging.

Sample Mean

The average value of a sample set, calculated by adding all the observed values and dividing by the number of observations.

Historical Standard Deviation

A measure of the dispersion or variability of a set of data points from its historical mean, based on past data rather than predictions.