Which of the Following Is Not a Characteristic of a Perfectly

question 22

Multiple Choice

Which of the following is not a characteristic of a perfectly competitive market?

• A)Sellers set the price of the product.
• B)There are many sellers.
• C)Buyers must accept the price the market determines.
• D)All of the above are characteristics of a perfectly competitive market.

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Definitions:

Population proportion

The proportion of a specific group or characteristic within a defined population.

Margin of error

An indicator of the precision of an estimate, representing the range within which the true population parameter is expected to lie with a certain confidence level.

Confidence interval

A reach of numerical outputs, from sampling statistics, with the potential to cover the hidden value of a population parameter.

True proportion

The actual ratio or fraction of individuals or items within a population that possesses a particular characteristic.