Which Characteristic Would Best Be Associated with Pure Competition

question 160

Multiple Choice

Which characteristic would best be associated with pure competition?

• A) few sellers
• B) price takers
• C) nonprice competition
• D) product differentiation

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Definitions:

Utilitarianism

An ethical theory that promotes actions that maximize happiness and well-being for the majority of a population.

Laissez Faire

An economic philosophy advocating minimal governmental intervention in the market and the private sector.

Capitalism

An economic system characterized by private or corporate ownership of goods and services, intended for profit.

Justice Theorist

An individual who studies or develops concepts related to justice, focusing on its application in society, law, or morality.