The Four Important Characteristics That Define a Competitive Market Are

question 90

Multiple Choice

The four important characteristics that define a competitive market are:

• A)standardized good,full information,no transactions costs,participants are price takers.
• B)standardized information,finished good,no transactions costs,participants are price makers.
• C)standardized good,same information for buyer and seller,low transactions costs,participants are price takers.
• D)standardized good,full information,no transactions costs,participants are price makers.

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Definitions:

Angora Goat Farmers

Individuals or businesses involved in raising Angora goats, which are prized for their soft wool or mohair.

Special-Interest Effect

A phenomenon where policy decisions are disproportionately influenced by small, well-organized groups at the expense of the larger public interest.

Concentrated Benefit

Concentrated benefit refers to situations in economic policy where a particular policy's benefits are received by a relatively small, identifiable group, while the costs are diffused across a large group.