Competition as a Dynamic Process Implies That Individual Firms in a Market

question 106

Multiple Choice

Competition as a dynamic process implies that individual firms in a market

• A) seek to utilize a variety of techniques, such as product, style, and convenience of location, to win the dollar vote of consumers, but they never use price to compete.
• B) use price competition as well as other forms of competition to gain the dollar votes of consumers.
• C) produce a homogeneous product.
• D) cooperate, attempting to establish a price and output structure so each firm can survive and continue to serve the consumer.

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Definitions:

Enforce

To compel observance of or obedience to a law, rule, or obligation through legal authority or force.

Instrument

A formal legal document that evidences an agreement, right, or obligation.

Authorized Representative

An individual who has been formally empowered to act on behalf of another person or organization.

Negotiated

The process through which parties discuss and reach a mutual agreement on the terms of a deal or contract.