When Competitive Firms Do Not Have Influence Over the Price

question 55

Multiple Choice

When competitive firms do not have influence over the price of their product, all of the following are true EXCEPT which condition?

• A) The product they produce is similar across sellers.
• B) The product appeals more strongly to some consumers than others.
• C) There are many potential sellers.
• D) There are many buyers and sellers, each small relative to the total market.

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Definitions:

Intrinsic Motives

Internal drives that inspire behavior based on internal rewards, satisfaction, or personal fulfillment.

Extrinsic Motives

Motivation driven by external rewards or pressures rather than internal satisfaction or fulfillment.

Polygraph

A device that measures and records several physiological indices such as blood pressure, pulse, respiration, and skin conductivity while the person is asked and answers a series of questions.

Physiological Functioning

Refers to the normal operation of physical and biological processes in living organisms.