To Have Competition as Economists Define It

question 197

Multiple Choice

To have competition as economists define it,

• A)you need many firms in an industry,with no one firm having any influence over price.
• B)you need a couple of firms in the industry,with each having significant influence over the price.
• C)you need many firms in an industry,and it doesn't matter if one firm has influence over price.
• D)All of these statements are true.

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Definitions:

Constrained Resource

A limited or scarce resource in a production process that can restrict the throughput or output of the entire system.

Milling Machine Time

The time required for a milling machine to complete a piece of work, often considered in manufacturing cost calculations.

Demand Satisfaction

The fulfillment of consumer desires and needs through the provision of products or services.

Production Facility

A site or plant where goods are produced or manufactured, equipped with specialized equipment for production activities.