A Market Is Competitive If

question 554

Multiple Choice

A market is competitive if
(i) firms have the flexibility to price their own product.
(ii) each buyer is small compared to the market.
(iii) each seller is small compared to the market.

• A)(i) and (ii) only
• B)(i) and (iii) only
• C)(ii) and (iii) only
• D)(i), (ii), and (iii)

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Definitions:

Flow Time

The total time a product spends in a manufacturing or service process from start to finish.

Work-In-Process

Items or components that are in the process of being manufactured but are not yet completed products.

Lateness

The measure of delay between the scheduled completion time and the actual completion time of a task or project.

Desktop Publishing

The process of using software to create visual documents for print or digital distribution, combining text and graphics.