Which of the Following Is a Characteristic of a Competitive

question 179

Multiple Choice

Which of the following is a characteristic of a competitive price-taker market?

• A) Profit maximizing firms in the market will expand output until price equals average variable cost.
• B) The market demand curve for the product is a horizontal line.
• C) There are many firms in the market, each producing a small share of total market output.
• D) The product produced by each of the firms is differentiated.

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Definitions:

Timer Program

Software or a portion of a PLC program designed to manage time delays, pulse generation, or time-based control.

Solenoid B

A specific electromagnetic coil used to convert electrical energy into mechanical actions, such as moving a valve.

Energized

Refers to a state where an electrical component or circuit has power supplied to it and is operational.

Start Button

A control interface, typically a button, used to initiate a process or operation in machinery, software applications, or devices.