In a competitive market, why does each seller have limited control over the price of his product?
A) Other sellers are offering similar products.
B) In competitive markets, buyers have more influence over price than sellers.
C) The products sold in competitive markets are generally in abundant supply.
D) Sellers in competitive markets prefer to meet and set a price where profits will be realized.
Correct Answer:
Verified
Q1: What happens in a competitive market?
A) Only
Q2: What is the term for buyers and
Q3: Who or what allocates an economy's scarce
Q4: What is an example of a perfectly
Q5: What happens in a competitive market?
A) There
Q7: Which of the following best describes a
Q8: Which of the following is NOT a
Q9: What type of market is a monopoly?
A)
Q10: Which of the following are the words
Q11: What represents the behaviour of buyers?
A) demand
B)
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