Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
For a market to be competitive
Group of answer choices
each buyer and seller is small relative to the whole market; no single decision-maker has any influence over the market price.
all you need are many buyers and many sellers.
the price must be fair.
sellers must produce goods and services that are different from their competitors.
sellers should have substantial pricing power.
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