A Large Number of Sellers All Selling an Identical Product

question 244

Multiple Choice

A large number of sellers all selling an identical product implies which of the following?

• A) market chaos
• B) the inability of any seller to change the price of the product
• C) large losses incurred by all sellers
• D) horizontal market supply curves
• E) vertical market supply curves

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Definitions:

Carnaval

An annual festival characterized by music, dancing, and the use of masquerade, held in the days leading up to Lent, especially famous in Brazil.

Heterophilous

characterized by or involving interaction between individuals that are different in some demographic or psychological attributes.

Polymorphic

In computing, it refers to the ability of objects to process data differently based on their data type or class; in biology, it indicates the occurrence of two or more clearly different morphs or forms.

Monomorphic

Characterized by having a single shape or form, often used in the context of genes or polymorphism.