In a Competitive Market, Why Does Each Seller Have Limited

question 82

Multiple Choice

In a competitive market, why does each seller have limited control over the price of his product?

• A) Other sellers are offering similar products.
• B) In competitive markets, buyers have more influence over price than sellers.
• C) The products sold in competitive markets are generally in abundant supply.
• D) Sellers in competitive markets prefer to meet and set a price where profits will be realized.

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Definitions:

Government Intervention

Actions taken by a government to influence or regulate various activities, markets, or economic processes.

Ethical Wicked Problems

Complex ethical dilemmas that are difficult to solve due to incomplete, contradictory, and changing requirements.

Green Consumer

A consumer who is particularly interested in products and services that are environmentally friendly.