A Competitive Market Is One in Which a Number of Buyers

question 203

True/False

A competitive market is one in which a number of buyers and sellers are offering similar products, and no single buyer or seller can influence the market price.

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Definitions:

Real Opportunity Cost

The value of the best alternative forgone as a result of making a particular choice, expressed in terms of real goods and services.

Producing Product

The process of creating goods or services that are offered in the market for consumption or use.

Resources

Assets or inputs used to produce goods and services.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, indicating the financial gain in excess of opportunity costs.