When Competitive Firms Do Not Have Influence Over the Price

question 55

Multiple Choice

When competitive firms do not have influence over the price of their product, all of the following are true EXCEPT which condition?

• A) The product they produce is similar across sellers.
• B) The product appeals more strongly to some consumers than others.
• C) There are many potential sellers.
• D) There are many buyers and sellers, each small relative to the total market.

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Definitions:

Subject To

Conditional upon or dependent on something else; can indicate subjection to legal restrictions or conditions.

Personally Liable

Refers to the responsibility of an individual to cover debts or legal judgments out of their own assets.

Mortgage

A legal agreement in which property is used as collateral for the repayment of a loan.

Right of Contribution

The right that allows a party who has paid more than their share of a joint obligation to recover the excess paid from other parties responsible for the obligation.