A Key Characteristic of a Competitive Market Is That

question 25

Multiple Choice

A key characteristic of a competitive market is that

• A)government antitrust laws regulate competition.
• B)producers sell nearly identical products.
• C)firms minimize total costs.
• D)firms have price setting power.

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Definitions:

Critical Thinking

Conducting an objective scrutiny and appraisal of an issue with the goal of forming an evaluation.

Critical Thinking

A thorough investigation and evaluation of a case for the purpose of making an evaluation.

Stubborn

Showing dogged determination not to change one's attitude or position on something, especially in spite of good arguments or reasons to do so.

Judgmental

Characterized by or involving the use or expression of judgment, especially critical or negative judgment.