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ECON 1000 Study Guide - Quiz Guide: Energy Market, Pearson Education, Opportunity Cost

Canada

Introduction to Economics: Microeconomics

Economics

Yong Troy

York University

Introduction to Business

Exploring the Functions of Business

Management

Introduction to Economics: Macroeconomics

Astronomy

<p>Which of the following is a characteristic of perfectly competitive​ markets?</p>
<p>A) There are many buyers and sellers (hundreds).</p>
<p>B) Firms can gain an advantage over others by differentiating their product.</p>
<p>C) Firms cannot freely enter or leave the market.</p>
<p>D) Both buyers and sellers can manipulate market price.</p>
<p>E) All of the above.</p>

<p>Which of the following statements is true about a competitive market?</p>
<div>a) A competitive market must have a physical location.</div>
<div> </div>
<div>b) It has so many buyers and sellers that no one can influence the price.</div>
<div> </div>
<div>c) It includes markets for goods and services but not for inputs.</div>
<div> </div>
<div>d) It has a handful of sellers but always has many buyers.</div>
<div> </div>
<div>e) It has one seller competing to sell his or her product.</div>

<div>which of the following statements is true about a competitive market? </div>
<div>
<p>a) A competitive market must have a physical location.</p>
<p>b) It has so many buyers and sellers that no one can influence the price.</p>
<p>c) It includes markets for goods and services but not for inputs.</p>
<p>d) It has a handful of sellers but always has many buyers.</p>
<p>e) It has one seller competing to sell his or her product.</p>
</div>

ECON 1000 Study Guide - Quiz Guide: Energy Market, Pearson Education, Opportunity Cost

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