Competition Means That

question 184

Multiple Choice

Competition means that

• A) sellers can manipulate market price by causing product scarcities.
• B) there are independently acting buyers and sellers in each market.
• C) a product can be purchased at a number of different prices.
• D) there is more than one seller in a market.

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Definitions:

Propanoic Acid

An organic compound, also known as propionic acid, characterized by a three-carbon straight-chain structure with a carboxylic acid functional group.

KMnO4

Potassium permanganate, a chemical compound used as an oxidizing agent in various chemical reactions, known for its purple color.

Major Organic Product

The primary product resulting from an organic reaction, typically the one in greatest yield, when multiple products are possible.

Hept-3-Yne

An organic compound characterized by a seven-carbon chain with a triple bond between the third and fourth carbon atoms.