Which of the Following Is a Necessary Condition for the Presence

question 147

Multiple Choice

Which of the following is a necessary condition for the presence of competition in a market?

• A) government regulations that assure firms will make excess profits
• B) suppliers that offer a homogeneous product
• C) a price that always equals per-unit production costs
• D) low barriers to entry into the market

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Definitions:

Stranger

An individual who is not known personally to another or who is unfamiliar to a particular social setting or community.

Perceived Similarity

The extent to which individuals believe they share common attributes or experiences with others, often influencing social attraction and relationship dynamics.

Determinants

Factors or elements that bring about changes in a condition, behavior, or outcome, influencing or deciding its nature and direction.

Attraction

A force drawing people together, not limited to physical looks, but can also involve emotional, social, or psychological factors.