Question 9 7 points The results of competition will be diffe

Question 9 (7 points) The results of competition will be different depending on the type of product being produced. the size of the largest firm. whether rivals can enter the business. how consumers utilize a product.

Solution

1) Solution: the type of product being produced

Explanation: When two goods have similar core features, however production is done by different companies, competition results

?

2) Solution: an individual seller in a commodity market

Explanation: A price-taker is an individual that has to accept prevailing prices in a market because it lacks the market share for influencing on its own the market price.