Competition in a Market System Denotes a Condition Where

question 37

Multiple Choice

Competition in a market system denotes a condition where

• A) the diffusion of economic power limits its potential abuse.
• B) any given product can be purchased at a wide range of prices.
• C) contractual agreements among individual firms are restricted and avoided.
• D) a few large, dominant sellers are constantly jostling for market share.

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Definitions:

Natural Selection

The process by which organisms better adapted to their environment tend to survive and produce more offspring.

Social Acceptance

Social Acceptance is the approval and welcoming of an individual or group by the larger society or community, reflecting the extent to which people are accepted or regarded favorably within social contexts.

Gas Mileage

A measure of a vehicle's fuel efficiency, typically expressed in miles per gallon (mpg) or kilometers per liter (km/l), indicating how far a car can travel on a specific amount of fuel.

Culture's Information

The knowledge, beliefs, customs, practices, and social behavior of a particular nation, society, or group.