What Happens in a Competitive Market

question 2

Multiple Choice

What happens in a competitive market?

• A) There is only one seller of the product.
• B) Each seller of the product is free to set the price of his product.
• C) Each seller attempts to compete with other sellers, causing fewer sellers in the market.
• D) There are so many buyers and sellers that each has a negligible impact on price.

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Definitions:

Detroit

A major city in the state of Michigan, known for its significant contributions to the automotive industry and American music.

Lynched

Denotes an act of murder carried out by a mob through hanging, often without legal trial, primarily targeting African Americans in the United States.

Black Soldier

Typically refers to African American military personnel who have served in various capacities in the U.S. armed forces, historically facing segregation and discrimination.

White Police

Refers to police officers who are of Caucasian or European ancestry, often discussed in contexts relating to racial dynamics and law enforcement.