Ans: d. there are so many buyers and so many sellers that each has a negligible impact on the price of the product.
A competitive market is one in which
a. there is only one seller, but there are many buyers.
b. there are many sellers and each seller has the ability to set the price of his product.
c. there are many sellers and they compete with one another in such a way that some sellers are always being forced out of the market.
d. there are so many buyers and so many sellers that each has a negligible impact on the price of the product.
Economics
You might also like to view...
What is the cost-minimizing equilibrium condition?
What will be an ideal response?
Economics
When you graduate from college, you may not immediately jump into a job but wait a few months "sampling" the possibilities. During this time, you may be forced to live with your parents and play by their rules. When the BLS comes by to inquire about your working status and you tell them your story, the BLS will record you as being
a. in the labor force but structurally unemployed b. spoiled and lazy c. frictionally unemployed d. not part of the labor force because you're not really looking for a job e. not in the labor force because you are categorized as belonging to a set of people who are of military age and not working
Economics