A Competitive Market Is One in Which

question 63

Multiple Choice

A competitive market is one in which

• A) there is only one seller,but there are many buyers.
• B) there are many sellers and each seller has the ability to set the price of his product.
• C) there are many sellers and they compete with one another in such a way that some sellers are always being forced out of the market.
• D) there are so many buyers and so many sellers that each has a negligible impact on the price of the product.

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Definitions:

Social Dumping

The practice of companies moving production to countries with lower labor standards or costs, often leading to job loss and reduced labor conditions in the originating country.

Labor Cooperation

The collaboration between workers, unions, and sometimes employers, to achieve shared goals, improve working conditions, and enhance productivity.

U.S. Companies

Corporations, businesses, or enterprises that are founded, headquartered, or primarily operate in the United States.

Charter

A formal document or grant bestowing rights, privileges, or authority, often used to establish towns, cities, organizations, or institutions.