One of the Defining Characteristics of a Perfectly Competitive Market

question 13

Multiple Choice

One of the defining characteristics of a perfectly competitive market is

• A)a small number of sellers.
• B)a large number of buyers and a small number of sellers.
• C)a similar product.
• D)significant advertising by firms to promote their products.

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Definitions:

Positive Statement

A factual assertion that can be tested or verified, often used in economics to describe how the world is, as opposed to how it should be.

Indirect Approach

A communication method where the main point or message is not directly stated at the beginning, often used in writing or speech to build suspense or be polite.

Buffer Statement

A neutral or positive statement used to cushion the impact of a negative message or bad news in communication.

Promotion Drive

A campaign or effort to increase awareness or sales of a product or service, or to elevate an individual's position within an organization.