Economists Define a Market to Be Competitive When the Firms

question 20

Multiple Choice

Economists define a market to be competitive when the firms

• A) spend large amounts of money on advertising to lure customers away from the competition.
• B) watch each other's behavior closely.
• C) are price takers.
• D) All of the above.

Grasp the concept of learner control and its impact on learning outcomes.

Understand the definition, advantages, and disadvantages of mobile learning.

Differentiate between online and distance education including their pros and cons.

Describe new developments in online and distance education.

---

Definitions:

Horizontal Differentiation

Products differ in ways that make them better for some people and worse for others.

Vertical Differentiation

A product difference that, from everyone’s perspective, makes a product better than rival products.

Vertical Differentiation

A market condition in which products are differentiated based on quality and features, where the products are ranked from best to worst by consumers.

Better Perspective

An improved or more comprehensive way of looking at or understanding a situation or concept.