Which of the Following Is a Necessary Condition for the Presence

question 147

Multiple Choice

Which of the following is a necessary condition for the presence of competition in a market?

• A) government regulations that assure firms will make excess profits
• B) suppliers that offer a homogeneous product
• C) a price that always equals per-unit production costs
• D) low barriers to entry into the market

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Definitions:

Approving Payment

The process of confirming that an invoice or bill can be paid, often involving verification that the amount is correct and the goods or services were received.

Payment Duty

The obligation or requirement to make a payment to another party, often as part of a contractual agreement or as part of financial operations.

Bank Statement

A document or record provided by a bank detailing the transactions in a customer’s account over a specific period, including deposits, withdrawals, and balances.

Checking Account Balance

The amount of money currently available in one's checking account.