3. The Market Forces of Supply and Demand

Suppose that the market for sweaters is perfectly competitive. Which of the following statements is true about firms in this market in the long run?

In the context of competitive markets, what is the primary goal of mass customization?

Which of the following factors determine a firm's competitive advantage in a competitive market?

Which of the following strategies helps companies to gain a competitive advantage in a competitive market?

In competitive markets, consumers and sellers create a ___ where goods and services are exchanged.

In the context of competitive markets, a price taker is:

How does a free market encourage competition?

In the context of competitive markets, which of the following is influenced by all of the other competitive forces?

In a competitive market with only two firms, each firm's individual supply curve is shown on a graph. What does the horizontal sum of these two supply curves represent?

Assume Lianna buys coffee beans in a competitive market. It follows that:

Both buyers and sellers are price takers in a perfectly competitive market because:

Which of the following is characteristic of a seller's market in competitive markets?

In the context of competitive markets, learning about competitors' internal operations does not include which of the following?

In the context of competitive markets, the collective strength of the five forces can help determine:

Which of the following is NOT a strategy used in target marketing within competitive markets?