A market is “competitive” when: A) When a product has several substitutes offered by different companies B) When no producer makes a profit C) When no producer makes economic profits D) When one company controls the market for a product that has unique consumer value

A market is “competitive” when: A) When a product has several substitutes offered by different companies B) When no producer makes a profit C) When no producer makes economic profits D) When one company controls the market for a product that has unique consumer value

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 4.1IP

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A market is “competitive” when:
A) When a product has several substitutes offered by different companies
B) When no producer makes a profit
C) When no producer makes economic profits
D) When one company controls the market for a product that has unique consumer value

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