Which of the Following Statements Is True About a Competitive

question 253

Multiple Choice

Which of the following statements is true about a competitive market? A competitive market

• A) must have a physical location.
• B) includes markets for goods and services but not for inputs.
• C) has so many buyers and sellers that no one can influence the price.
• D) has one seller competing to sell his or her product.
• E) has a handful of sellers but always has many buyers.

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Definitions:

Schedule B

A form used with the IRS tax return to report interest and ordinary dividend income.

Interest Income

Earnings received from investments like savings accounts, CDs, or bonds.

Taxpayer

An individual or entity that is obligated to make payments to municipal or governmental authorities based on income earned or property owned.

Provisional Income

It's the total income a person has, including tax-exempt interest and half of their Social Security benefits, used to determine the taxability of Social Security benefits.