Which of the Following Is a Characteristic of Competitive Markets

question 23

Multiple Choice

Which of the following is a characteristic of competitive markets?

• A) Consumers know very little about product attributes and prices.
• B) The demand for goods and services is highly inelastic.
• C) Producers are compelled to respond to price decreases.
• D) There are relatively few producers selling similar products.

---

Definitions:

Reciprocal Determinism

The theory proposing that an individual's behavior is both influenced by and influences their personal factors and the environment.

High Self-esteem

A positive overall evaluation of oneself, characterized by feelings of self-worth and confidence.

Unconditional Positive Regard

A therapeutic concept in which a clinician offers an unwavering, nonjudgmental acceptance and support of a client, regardless of what the client says or does.

Feel Anxious

Experiencing feelings of worry, unease, or nervousness, typically about an imminent event or something with an uncertain outcome.