Both Individual Buyers and Sellers in Perfect Competition

question 145

Multiple Choice

Both individual buyers and sellers in perfect competition

• A) can influence the market price by their own individual actions.
• B) can influence the market price by joining with a few of their competitors.
• C) have to take the market price as a given.
• D) have the market price dictated to them by the government.

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Definitions:

Journal Entry

A record in accounting that represents a transaction or financial event affecting the entity's financial statements, involving at least one debit and one credit.

Annual Year-End

The conclusion of a 12-month financial year period on which a company's annual financial statements are based.

Installment Note

A loan or credit agreement that requires a fixed number of payments over a specified period of time.

Annual Year-end Payments

Payments made at the end of the fiscal year, which can include bonuses, dividends, or debt payments.