Which of the Following Lists Three Main Characteristics of a Competitive

question 74

Multiple Choice

Which of the following lists three main characteristics of a competitive market?

• A) many buyers and sellers,similar products,easy entry into the market
• B) many buyers and few sellers,similar products,easy entry into the market
• C) many buyers and sellers,differentiated products,easy entry into the market
• D) many buyers and sellers,similar products,barriers to entry into the market
• E) many buyers and few sellers,unique products,barriers to entry into the market

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Definitions:

Price Effect

The impact on consumer demand and consumption patterns caused by changes in the price of goods or services.

Collude

To cooperate secretly, especially with the intention to deceive or achieve an illegal or deceitful purpose.

Total Revenue

The total amount of money received by a company for goods sold or services provided during a certain time period.

Joint Profits

Are the combined earnings of two or more entities, often used to evaluate the financial outcome of a partnership or merger.