Which of the Following Is a Characteristic of a Perfectly

question 27

Multiple Choice

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

• A)a few large firms 
• B)firms producing specialized products in order to attract consumers 
• C)each individual firm having some control over the market price 
• D)a large number of small firms

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Definitions:

Monopolistic Distributor

A distributor who has exclusive control over the supply of a particular product or service in the market, limiting competition.

Marginal Cost

The amount of money needed to produce one more unit of a specific good or service.

Mineral Water

Water that contains various minerals, such as salts and sulfur compounds, often sourced from a well or spring and considered beneficial to health.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers at those prices.