The Competitive Market Model Is Important Because

question 103

Multiple Choice

The competitive market model is important because

• A)It characterizes all the markets in the U.S.economy.
• B)It shows how laissez faire can overcome market failures.
• C)Many industries function much like the competitive model.
• D)It shows that firms can earn economic profits in the long run.

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Definitions:

Single By Choice

Opting to remain unmarried or not in a romantic relationship by preference rather than circumstance.

Freedom

The power or right to act, speak, or think as one wants without hindrance or restraint.

Cohabitating

Living together with another person in a long-term relationship without being legally married.

Spend

The act of using money to buy or pay for goods and services.