Ask Question
BusinessBusiness
30 December, 12:51

In a competitive market,

a. the goods offered by the different sellers are unique.

b. accounting profit is driven to zero as firms freely enter and exit the market.

c. no single buyer or seller can influence the price of the product.

d. there are only a small number of sellers.

+5
Answers (1)
  1. 30 December, 13:46
    0
    The answer is C.

    Explanation:

    The following are the characteristics of perfect competitive market:

    1. The product (goods and services) are homegenous i. e they are identical. The same brand, quality etc.

    2. There is little or low barrier to entry and exit

    3. There large number of buyers and sellers that nobody (buyer or seller) can influence the price of goods and services.

    4. The sellers or producers are price-taker
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “In a competitive market, a. the goods offered by the different sellers are unique. b. accounting profit is driven to zero as firms freely ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which of the following describes a positive externality? Select one: a. You buy a new jacket you really enjoy b. The government imposes a tax on cigarettes in order to discourage smoking among teenagers. c.
Answers (1)
Zephyros Corporation had estimated manufacturing overhead costs for the coming year to be $ 306 comma 000. The total estimated direct labor hours and machine hours for the coming year are 8 comma 000 and 13 comma 000 , respectively.
Answers (1)
Frictional unemployment is thought to explain relatively a. Short spells of unemployment, as is structural unemployment. b. Long spells of unemployment, as is structural unemployment. c.
Answers (1)
Your grandmother left you $90,000 that you'll receive when you turn 40 in 18 years. Since you'd rather have some money now, you want to sell your claim to the inheritance. Attempt 1/10 for 10 pts.
Answers (1)
Which of the following can be prohibited by a hotel/motel? A. refusing to allow a guest who wants to pay cash (US currency) to register B.
Answers (1)
New Questions in Business
Gail's employer contributes $2,000 (5% of her $40,000 salary) to a qualified retirement plan for Gail. This pension plan is what kind of plan?
Answers (1)
Jennifer believes that the price of sugar is too low and that the price will rise within the next calendar quarter. If she wishes to trade based on her belief she should: Select one: a. Take a long position in the futures market. b.
Answers (1)
A firm has three different production facilities, all of which produce the same product ... While reviewing the firm's cost data, Jasmin, a manager, discovers that one of the plants has a higher average cost than the other plants and suggests
Answers (1)
Five jobs are waiting to be processed. Their processing times and due dates are given below. Using the shortestprocessing time dispatching rule, in which order should the jobs be processed?
Answers (1)
Acme Foods wants to make its chips saltier, but it doesn't want to spend more than it has to on salt. A sample of consumers are asked to compare its current chip (saltiness = 100) with saltier versions and to say whether the new version is saltier.
Answers (1)
Home » Business » In a competitive market, a. the goods offered by the different sellers are unique. b. accounting profit is driven to zero as firms freely enter and exit the market. c. no single buyer or seller can influence the price of the product. d.
Sign Up Forgot Password?