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What Happens in a Competitive Market

Question 2

Multiple Choice

What happens in a competitive market?


A) There is only one seller of the product.
B) Each seller of the product is free to set the price of his product.
C) Each seller attempts to compete with other sellers, causing fewer sellers in the market.
D) There are so many buyers and sellers that each has a negligible impact on price.

Correct Answer:

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