Define a perfectly competitive market. A. Market that makes it possible for firms or businesses to reduce the quality of their products or services in order to cut their own costs B. Market model where many firms and businesses compete against each other to create an innovative product at the best cost, which ultimately benefits society C. Market where a firm or business has no competition in manufacturing a good or providing a service D. Market with few sellers and many buyers
Define a perfectly competitive market. A. Market that makes it possible for firms or businesses to reduce the quality of their products or services in order to cut their own costs B. Market model where many firms and businesses compete against each other to create an innovative product at the best cost, which ultimately benefits society C. Market where a firm or business has no competition in manufacturing a good or providing a service D. Market with few sellers and many buyers
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Define a perfectly competitive market.
A. Market that makes it possible for firms or businesses to reduce the quality of their products or services in order to cut their own costs
B. Market model where many firms and businesses compete against each other to create an innovative product at the best cost, which ultimately benefits society
C. Market where a firm or business has no competition in manufacturing a good or providing a service
D. Market with few sellers and many buyers
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