The Presence of Many Buyers and Sellers Is an Important

question 118

Multiple Choice

The presence of many buyers and sellers is an important characteristic of competitive markets because it allows

• A) sellers in the market to have influence over the market price.
• B) buyers in the market to have influence over the market price.
• C) sellers in the market to have influence over the market quantity.
• D) buyers in the market to have influence over the market quantity.
• E) the price and quantity in the market to be determined by market forces.

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Definitions:

Happiness

Happiness is a state of well-being and contentment characterized by positive emotions ranging from contentment to intense joy.

Optimum Arousal Theory

A psychological concept suggesting that individuals perform best with a certain level of arousal, which varies from one person to another.

James-Lange Theory

A theory of emotion suggesting that physiological arousal precedes and causes the subjective experience of emotion.

Emotion

A complex psychological state involving an individual's subjective experience, physiological response, and behavioral or expressive response.