Which of the following statements is FALSE?
A) The size of a market determines the competition sellers face.
B) The larger a market, the greater the competition among sellers in it.
C) The definition of a market is uncertain and debatable.
D) Once sellers get together, there is always firm agreement on the boundaries of a market.

Question

Quizplus · Accepted Answer

The statement D is false because the definition and boundaries of a market can be subject to interpretation and disagreement among sellers. Markets can be defined in various ways, such as by the type of product, geographical area, or customer base, leading to potential disputes over what constitutes the market's boundaries.

Which of the Following Statements Is FALSE