One of the Defining Characteristics of a Perfectly Competitive Market

question 13

Multiple Choice

One of the defining characteristics of a perfectly competitive market is

• A)a small number of sellers.
• B)a large number of buyers and a small number of sellers.
• C)a similar product.
• D)significant advertising by firms to promote their products.

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Definitions:

X

Often used in mathematics as a variable or unknown value in equations and algebraic expressions.

Simplify

The process of altering an expression to make it easier to understand or work with, often by combining like terms or eliminating complex fractions.

Expression

An expression in mathematics is a combination of symbols, numbers, and/or variables that represents a quantity or a relationship but does not include an equality or inequality symbol.

Rules Of Exponents

Mathematical rules that govern the operations on numbers with exponents, such as multiplication and division of powers.