Prices Are Set by the Competitive Market When

question 38

Multiple Choice

Prices are set by the competitive market when

• A) the product is specially made for a customer.
• B) there are no other producers capable of manufacturing a similar item.
• C) a company can effectively differentiate its product from others.
• D) a product is not easily distinguished from competing products.

---

Definitions:

Marginal Social Benefit

An increase in the total benefit to society resulting from a one-unit increase in the production of a good or service.

Animal Control Officer

A professional responsible for enforcing laws related to animals, handling stray, dangerous, or unwanted animals, and promoting animal welfare and public safety.

Individual Benefit

The advantage or gain received by an individual from an economic transaction or activity.

Residents

Individuals who live in a specific area, city, or country, often with legal rights and responsibilities associated with their residency.