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:

Random Events

Incidents or occurrences that happen without a predictable pattern or plan, often analyzed in probability and statistics.

Shared Misinformation

Incorrect or misleading information that is spread among individuals or through communities.

Crime Rates

The number of crimes reported in a given area during a fixed period of time, usually for crime statistic comparisons.

Unemployment

The state of being without a job despite being willing and able to work, often measured as a percentage of the labor force.