In Pure Competition, Price Is Determined Where the Industry

question 15

Multiple Choice

In pure competition, price is determined where the industry

• A) demand and supply curves intersect.
• B) total cost is less than total revenue.
• C) demand intersects the individual firm's marginal cost curve.
• D) average total cost equals total variable cost.

---

Definitions:

Counterfeiting

The act of making an imitation of an item, especially with the intent to deceive or defraud, by passing off the fake item as genuine or original.

Inauthentic

Lacking genuineness or sincerity, often applied to actions, products, or statements that do not reflect true intentions or values.

Authenticity

The truthfulness of origins, attributions, commitments, sincerity, devotion, and intentions of a brand or entity.

Gray Markets

A marketplace where products are sold through unauthorized channels, which, while not illegal, are unofficial and unauthorized by the original manufacturer.