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Which of the following describes a situation where competition between producers exists?

  • Question 5a of 10 - Market structures

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following describes a situation where competition between producers exists?
  • Answers:
  1. A small number of producers command the entire market for a certain good or service.
  2. One producer is the only one selling a good or service with no close substitutes.
  3. Two or more producers are trying to sell the same good or service to the same consumers. Correct! When there are two or more businesses pursuing the same specific goal, there is competition.
  4. The monetary benefits for one producer lead to non-monetary costs for another producer.

The correct answer is: Two or more producers are trying to sell the same good or service to the same consumers. When there are two or more businesses pursuing the same specific goal, there is competition.

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