Which of the Following Is Always True in Competitive Price-Taker

question 101

Multiple Choice

Which of the following is always true in competitive price-taker markets?

• A) There are more sellers than buyers.
• B) Barriers to entry into the market are low.
• C) The products of firms in the industry are differentiated.
• D) The firms never earn economic profit.

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Definitions:

Blue-Black Color

A deep, dark shade combining blue and black, often associated with bruising or certain pigments.

Biuret Reagent

A chemical solution used to test for the presence of proteins, turning violet in their presence.

H+ Ions

Hydrogen ions, which are a central component in the chemistry of acids and bases and play an important role in the pH balance of biological systems.

OH- Ions

OH- ions, also known as hydroxide ions, consist of one oxygen and one hydrogen atom carrying a negative electric charge, commonly found in alkaline solutions.