Suppose the Market for Cement Is Such That the Output

question 94

Multiple Choice

Suppose the market for cement is such that the output of all sellers is identical in composition and quality.While there are a large number of buyers and sellers,everyone conducts transactions at a common market price.Which of the following statements is true about the structure of the cement market?

• A) The cement market is perfectly competitive.
• B) The cement market is government regulated.
• C) All participants in the cement market are price-makers.
• D) All transactions in the cement market are likely to be involuntary.

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Definitions:

Political Tactic

Strategies or maneuvers used within organizations to gain advantage or support for one's goals or interests.

Maneuverability

The ability of an organization or individual to quickly and effectively change directions or strategies in response to external conditions.

Reward Power

The capability to offer something desirable as a means of influencing others' actions or decisions.

Legitimate Power

Power that is officially recognized and derived from a position of authority within an organization or society.