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:

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The state of being responsible for committing an offense or wrongdoing, legally or morally.