Competition as a dynamic process implies that individual firms in a market
a. seek to utilize a variety of techniques, such as product, style, and convenience of location, to win the dollar vote of consumers, but they never use price to compete.
b. use price competition as well as other forms of competition to gain the dollar votes of consumers.
c. produce a homogeneous product.
d. cooperate, attempting to establish a price and output structure so each firm can survive and continue to serve the consumer.
B
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Eliminating all farm price floors would
a. raise farmers' profit b. increase the MRP of farms c. raise the price of farm goods d. create an excess demand for farm goods e. lower farm property values
Which one of the following is not prohibited by the original Clayton Act?
A. The purchase of the stocks of rival firms that lessens competition. B. The purchase of the assets of rival firms that lessens competition. C. An exclusive dealer or tying agreements that lessen competition. D. Price discrimination that lessens competition.