Multiple Choice
When there are many producers of an identical product and you have perfect and free information about what every seller is charging, eventually every merchant will
A) raise the price of the product in hopes that you will purchase the product from them.
B) agree to charge a high price for the product so each will be able to earn high profits.
C) charge the same price for the product, and the price will be just enough to cover costs.
D) discontinue selling the product since there is so much competition.
Correct Answer:
Verified
Correct Answer:
Verified
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