A Perfectly Competitive Market Exists When Which of the Following

question 114

Multiple Choice

A perfectly competitive market exists when which of the following conditions are present?

• A) individual buyers or sellers can affect prices by their own actions
• B) market prices reach well above their historical averages due to demand outstripping supply
• C) market prices drop well below their historical averages due to supply outstripping demand
• D) there is a homogeneous product with buying prices equal to selling prices

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Definitions:

State Politicians

Elected or appointed officials who serve at the state level of government, involved in the legislative, executive, or judicial processes within a specific state.

Free Blacks

African Americans who were not enslaved before the abolition of slavery, living with varying degrees of rights and freedoms in different parts of the United States.

Eighteenth Century

A period of time that encompasses the years 1701 to 1800, marked by significant developments in science, philosophy, and politics.

Rights of Citizenship

The legal rights and privileges granted to individuals by a state, including voting, freedom of speech, and the right to privacy.