One Characteristic of a Perfectly Competitive Market Is That There

question 72

Multiple Choice

One characteristic of a perfectly competitive market is that there are _____ sellers of the good or service.

• A)one or two
• B)a few
• C)usually fewer than 10
• D)many

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Definitions:

Buyer-seller Relationships

The interactions and partnerships formed between buyers and sellers in the marketplace, focused on the exchange of goods, services, and information.

Supply Management Process

A comprehensive approach to managing the acquisition of goods and services, from understanding the needs to selecting suppliers and managing relationships.

Efficiency

The degree to which a process, system, or organization minimizes waste and utilizes resources optimally to achieve desired outcomes.

Cost Analysis

The process of evaluating the costs associated with a project or business operation to determine its financial feasibility and identify areas for cost reduction.