Which of the Following Statements Is True About a Competitive

question 253

Multiple Choice

Which of the following statements is true about a competitive market? A competitive market

• A) must have a physical location.
• B) includes markets for goods and services but not for inputs.
• C) has so many buyers and sellers that no one can influence the price.
• D) has one seller competing to sell his or her product.
• E) has a handful of sellers but always has many buyers.

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Definitions:

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, depicting a five-tier model of human needs, arranged in a hierarchy, stating that as basic needs are fulfilled people become motivated to achieve higher level needs.

Culture-Specific

Refers to behaviors, norms, or phenomena that are unique or particular to a specific culture.

Overjustification Effect

A psychological phenomenon where providing an external incentive for a behavior someone already finds rewarding leads to a reduction in intrinsic motivation.

Intrinsic Motivations

Internal drives to perform a task or engage in an activity purely because of the inherent satisfaction and enjoyment derived from doing it.