Which of the following best describes a competitive industry?
A) Its firms sell similar products and have little control over their prices; there are many buyers and sellers and each is relatively small compared with the overall market.
B) Its firms sell similar products and have direct control over their prices; there are many buyers and sellers and each is relatively small compared with the overall market.
C) Its firms have little control over the price of their product; the demand curve for each firm's product is downward sloping; there are many firms.
D) Its firms sell differentiated products and there are few potential sellers. They have little control over the price of their product; there are many relatively small buyers.
Correct Answer:
Verified
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