Which of the Following Is a Characteristic of a Competitive

question 523

Multiple Choice

Which of the following is a characteristic of a competitive market?

• A)There are many buyers but few sellers.
• B)Firms sell differentiated products.
• C)There are many barriers to entry.
• D)Buyers and sellers are price takers.

Identify the difference between entrepreneurs and small-business owners.

Understand the challenges and risks involved in entrepreneurship.

Recognize the global perspective of entrepreneurship and its economic significance.

Understand the importance of social media and international sales for entrepreneurs.

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Definitions:

Nicotine

A potent chemical found in tobacco products that is addictive and can have harmful effects on the body.

Carbon Monoxide

A colorless, odorless gas produced by burning carbon-based fuels, which can be harmful or fatal when inhaled in large quantities.

Fetal Alcohol Syndrome

A condition in a child that results from alcohol exposure during the mother's pregnancy, causing growth problems, facial anomalies, and neurodevelopmental issues.

Alcoholic

A person who suffers from alcoholism, a chronic disorder marked by uncontrolled drinking and preoccupation with alcohol.