In a Perfectly Competitive Market, There Are

question 15

Multiple Choice

In a perfectly competitive market, there are

• A) many buyers and many sellers.
• B) many buyers, but there might be only one or two sellers.
• C) many sellers, but there might be only one or two buyers.
• D) one firm that sets the price for the others to follow.

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Definitions:

Courts

Institutions authorized to hear, adjudicate, and resolve legal disputes.

Information-Only Basis

A term that indicates information is provided without any advice, recommendation, or endorsement.

Illegal

Activities or actions that are prohibited by law and subject to penalties.

Non-Canadian Ship

A vessel that is registered under the flag of a country other than Canada, subject to the maritime laws of its flag state.