Which of the Following Is a Condition That Is Necessary

question 45

Multiple Choice

Which of the following is a condition that is necessary for a market to be perfectly competitive?

• A)The firms face inelastic demand for their product.
• B)Market demand for the product is perfectly elastic.
• C)Firms can easily buy and sell the productive resources necessary to compete in the market.
• D)Consumers display strong brand loyalty.

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Definitions:

McSalad Shaker

A product line by McDonald's offering salads in a container designed for easy mixing of ingredients by shaking.

McDonald's

A global fast-food company recognized for its burgers, fries, and breakfast items, known as a pioneer in the quick service restaurant industry.

Donald Boudreaux

An American economist, author, and professor known for his work on free market economics.

Private Property

Ownership rights over property (such as land, buildings, or goods) by individuals or non-governmental entities.