Which Statement About Competition Is True

question 154

Multiple Choice

Which statement about competition is true?

• A)To have competition,no firm is large enough to have any influence over price.
• B)American industry is very competitive.
• C)The American automobile industry would be considered competitive if there were at least four firms in the industry.
• D)There is no competition in American industry.

---

Definitions:

Contract

A legally binding agreement between two or more parties that outlines obligations and rights of each party.

Anticipatory Breach

Occurs when one party to a contract indicates, before the performance is due, that they will not fulfill their contractual obligations.

Misrepresentation

An untrue statement of fact; an incorrect or false representation.

Deposit

A sum of money placed in an account or given as security for the fulfillment of a contractual obligation.