Competition as a Dynamic Process Implies That Individual Firms in a Market

question 106

Multiple Choice

Competition as a dynamic process implies that individual firms in a market

• A) seek to utilize a variety of techniques, such as product, style, and convenience of location, to win the dollar vote of consumers, but they never use price to compete.
• B) use price competition as well as other forms of competition to gain the dollar votes of consumers.
• C) produce a homogeneous product.
• D) cooperate, attempting to establish a price and output structure so each firm can survive and continue to serve the consumer.

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Definitions:

Temperament Traits

Innate, biologically based behavioral and emotional characteristics that are evident from early life.

Ergs

Basic instinctual drives or primary motivational forces in some psychological theories; the term originates from the work of Sigmund Freud.

Personality Traits

Enduring characteristics or qualities that describe an individual's consistent behaviours and attitudes.

Stable Across Time

A characteristic or attribute that remains consistent and unchanged over a period.