A Market Is Competitive If (I) Firms Have the Flexibility to Price

question 71

Multiple Choice

A market is competitive if (i) firms have the flexibility to price their own product.
(ii) each buyer is small compared to the market.
(iii) each seller is small compared to the market.

• A)(i) and (ii) only
• B)(i) and (iii) only
• C)(ii) and (iii) only
• D)All of the above are correct.

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Definitions:

Organizational Structure

The system used to define a hierarchy within an organization, outlining the roles, responsibilities, and relationships between individuals within the entity.

Mission

The key elements of the overall purpose of an organization, brand, or person in the respective spaces.

Vision

Characteristics and principles that an organization or individual values, which will guide its overall actions and make an impact in the community; vision statements bridge various components together in a cohesive statement, tying in brand personality, key attributes, core values, and present and future behavioral intentions.

Brand Voice

The unique personality a brand adopts in its communications, including the language, tone, and style used across its marketing materials.