Which of the Following Is a Characteristic of a Competitive

question 124

Multiple Choice

Which of the following is a characteristic of a competitive market?

• A)There are many buyers but few sellers.
• B)Many firms have market power because they own patents.
• C)Buyers and sellers are price takers.
• D)Firms sell differentiated products.

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Definitions:

Business

The practice of making one's living by engaging in commerce, trading, or offering services.

Start

The beginning or initiation of an action, process, or operation.

General Partnership

A business structure where two or more individuals share ownership, profits, and responsibilities.

Liability

The state of being legally responsible for something, typically involving financial compensation for harm or damages.