Which of the Following Is a Characteristic of a Competitive

question 124

Multiple Choice

Which of the following is a characteristic of a competitive market?

• A)There are many buyers but few sellers.
• B)Many firms have market power because they own patents.
• C)Buyers and sellers are price takers.
• D)Firms sell differentiated products.

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Definitions:

Loan

An amount of money borrowed that is expected to be paid back with interest.

Days

Units of time representing 24 hours, used universally to measure time periods shorter than a week.

Investment

The action or process of allocating resources, usually money, with the expectation of generating an income or profit.

Interest

The cost of borrowing money, typically expressed as an annual percentage of the loan amount.