Because There Are Many Firms with Similar Products in Purely

question 34

Multiple Choice

Because there are many firms with similar products in purely competitive markets,

• A) price is determined by the laws of supply and demand.
• B) consumers develop personal preferences.
• C) firms find it easy to build strong, distinct brands.
• D) advertising is heavily used.
• E) the many competitors will focus on variable cost pricing.

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Definitions:

Subject, Audience

Considerations in communication and art that refer to the topic or matter being discussed or portrayed (subject), and the viewers or listeners targeted or considering the material (audience).

Purpose

The reason for which something is done or created, or for which something exists.

Video Game Addiction

A behavioral disorder characterized by excessive or compulsive use of video games, which interferes with a person's everyday life.

Leisure Time Activities

Activities done for enjoyment or amusement during free time, not associated with one's professional or work obligations.