Which of the Following Statements Correctly Describes a Perfectly Competitive

question 178

Multiple Choice

Which of the following statements correctly describes a perfectly competitive market?

• A) All participants in a perfectly competitive market are price-takers.
• B) Haggling and bargaining is commonly observed in a perfectly competitive market.
• C) In a perfectly competitive market, individual sellers and buyers can influence the market price.
• D) Buyers in a perfectly competitive market pay different prices according to their individual demand.

---

Definitions:

Toyota Production System

A manufacturing philosophy that focuses on continuous improvement and elimination of waste, promoting efficiency and just-in-time production.

Creativity

The ability to produce original and unusual ideas, or to make something new or imaginative.

Kanban System

A lean manufacturing tool that uses visual cues to signal the need to move materials or parts within a production process.

Variability

The extent to which data points in a distribution or set differ from each other and from the mean or average.