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Question
The presence of many buyers and sellers is an important characteristic of competitive markets because it allows
a. sellers in the market to have influence over the market price.
b. buyers in the market to have influence over the market price.
c. sellers in the market to have influence over the market quantity.
d. buyers in the market to have influence over the market quantity.
e. the price and quantity in the market to be determined by market forces.
Answer
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Related questions
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What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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