Competitive Markets Are Characterized by

question 323

Multiple Choice

Competitive markets are characterized by

• A)a small number of buyers and sellers.
• B)unique products.
• C)the interdependence of firms.
• D)free entry and exit by firms.

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Definitions:

Enterprise Unionism

A labor union organization model where each union represents workers of a single enterprise rather than workers across multiple enterprises in the same industry.

Seniority

A system in which priority or status is given to individuals within a group based on the length of service or tenure in the organization.

Worker Solidarity

The unity and support exchanged among workers from different sectors and backgrounds, often in the pursuit of common goals or in response to mutual challenges.

Economic Efficiency

A measure of how effectively economic resources are utilized to meet consumer needs and produce maximum output with minimum waste.