A Market Situation in Which There Is a Sufficiently Large

question 27

Multiple Choice

A market situation in which there is a sufficiently large number of well-informed buyers and sellers of a homogeneous product such that no individual participant has enough power to determine the price of the product,resulting in a marketplace that is efficient in production and allocation of products is known as

• A) absolute advantage.
• B) comparative advantage.
• C) competitive advantage.
• D) perfect competition.
• E) monopoly.

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