A. T he best definition of a market is
a. a store that offers a variety of goods and services.
b. a place where buyers meet and an auctioneer calls out prices.
c. a group of buyers and sellers of a good or service.
d. a venue where the sole supplier of a good offers its product.
B. I n a perfectly competitive market,
a. every seller tries to distinguish itself by offering a better product than its rivals.
b. every seller takes the price of its product as set by market conditions.
c. every seller tries to undercut the prices charged by its rivals.
d. one seller has successfully outcompeted its rivals so no other sellers remain.
C. T he market for which product best fits the definition of a perfectly competitive market?
b. tap water
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