Perfectly Competitive Markets Explained on the Basis of Supply and Demand

question 1

Multiple Choice

Perfectly competitive markets explained on the basis of supply and demand:

• A) assume many buyers and many sellers of a standardized product.
• B) assume market power so that buyers and sellers bargain with one another.
• C) do not exist in the real-world economy.
• D) are approximated by markets in which a single seller determines price.

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