A Competitive Market Is One in Which

question 25

Multiple Choice

A competitive market is one in which:

• A)fully informed price-taking buyers and sellers easily trade a standardized good.
• B)a few large sellers compete for a majority of the market share.
• C)government oversees the market's operation.
• D)individual sellers and buyers have a lot of influence over market price.

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Definitions:

Solute

A dissolved substance. Compare with solvent.

Particles

Small localized objects to which can be ascribed several physical or chemical properties such as volume or mass.

Osmoregulation

The process by which living organisms control the concentration of water and electrolytes in their bodies to maintain homeostasis.

Concentration

The amount of a substance in a specific volume of solution, often measured in moles per liter.