Under a system characterized by _____ competition, there are many consumers buying a standardized product from numerous small businesses.
A) monopolistic
B) oligopolistic
C) perfect
D) entrepreneurial

Question

Quizplus · Accepted Answer

Perfect competition is characterized by numerous small businesses selling standardized products to a large number of consumers, with no single seller or buyer able to influence market price. In monopolistic competition, products are differentiated, while in oligopolistic competition, a few large firms dominate the market. Finally, entrepreneurial competition is not a defined economic term.

Under a System Characterized by _____ Competition, There Are Many