Which of the Following Is a Characteristic of a Competitive

question 179

Multiple Choice

Which of the following is a characteristic of a competitive price-taker market?

• A) Profit maximizing firms in the market will expand output until price equals average variable cost.
• B) The market demand curve for the product is a horizontal line.
• C) There are many firms in the market, each producing a small share of total market output.
• D) The product produced by each of the firms is differentiated.

Analyze the impact of external factors such as credit access and media on compulsive buying behavior.

Comprehend the biological basis and psychological implications of pathological gambling.

Grasp the comprehensive effects of addiction on personal identity, spirituality, and perception of the external world.

Understand the societal and professional perspectives on workaholism.

---

Definitions:

Gross Margin Ratio

A financial metric that shows the percentage of revenue that exceeds the cost of goods sold, indicating the efficiency of a company in managing its production costs.