competition is the competitive situation where
A) many sellers follow market price for identical, commodity products.
B) one seller sets the price for a unique product.
C) few sellers are sensitive to one another's prices.
D) many sellers compete on nonprice factors.
E) one or few sellers compete solely on nonprice factors.

Question

Quizplus · Accepted Answer

Competition refers to the situation where many sellers offer similar or identical products, resulting in a price-sensitive market where sellers tend to follow the prevailing market price rather than setting their own prices. This type of competition is common in commodity markets where buyers choose based on price and other factors such as quality and convenience become less significant.

Competition Is the Competitive Situation Where