Of the Following Characteristics of Competitive Markets,which Are Necessary for Firms

question 149

Multiple Choice

Of the following characteristics of competitive markets,which are necessary for firms to be price takers? (i) There are many sellers.
(ii) Firms can freely enter or exit the market.
(iii) Goods offered for sale are largely the same.

• A)(i) and (ii) only
• B)(i) and (iii) only
• C)(ii) only
• D)All are necessary.

---

Definitions:

Market Share

The portion of a market controlled by a particular company or product, often expressed as a percentage of total sales.

Blush

A natural reddening of the face typically prompted by emotional states such as embarrassment or happiness.

Cultural Factors

Elements influenced by a society's culture, traditions, and practices that can affect behavior, perceptions, and interactions.

Business Communications

The exchange of information, both verbal and written, used to promote an organization's goals, ideas, and objectives.