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Manoj Kumar
on Nov 16, 2024

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In a market that is characterized by imperfect competition,

A) firms are price takers.
B) there are always a large number of firms.
C) there are at least a few firms that compete with one another.
D) the actions of one firm in the market never have any impact on the other firms' profits.

Imperfect Competition

A market structure where the conditions of perfect competition are not met, characterized by a heterogeneous product or a limited number of sellers.

Price Takers

Companies or individuals who accept the prevailing prices in the market because they do not have enough market power to influence the price of an item themselves.

Compete

The act of entities or individuals striving against others for a common objective, such as market share or victory in a game.

  • Identify the distinctions among market models through an analysis of firm quantity, product uniqueness, and obstacles to market entry.
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Alexa LópezNov 19, 2024
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