Which of the Following Describes a Characteristic of a Perfectly

question 113

Multiple Choice

Which of the following describes a characteristic of a perfectly competitive market?

• A)There are many buyers but few sellers.
• B)There are many sellers but few buyers.
• C)There are many buyers and sellers.
• D)Equilibrium is achieved when demand for the product sold in the market equals the supply.

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Definitions:

Dispose of Cars

The process of discarding or recycling vehicles that are no longer functional or needed.

Total Costs

The aggregate of all expenses incurred by a business in the production of goods or services, including fixed and variable costs.

Average Variable Costs

The total variable costs of production divided by the quantity of output produced, reflecting the cost of producing each additional unit.

Repairs

The process of fixing or restoring a broken, damaged, or worn-out object to its original condition or to a state of functionality.