How would you define many when we say there are many firms in an industry?A) More than 5B) More than 10C) More than 25D) More than 100E) So many that no one firm has any influence on price.

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Shaina Dubria · Accepted Answer

Final Answer : E, Explanation :  The term many in the context of firms in an industry refers to a situation where there are enough firms that no single firm has significant influence over the market price. This is a characteristic of perfect competition, where the market is made up of a large number of firms producing similar products, and no single firm can influence the price due to the competitive nature of the market. The exact number (such as more than 5, 10, 25, or 100) is less relevant than the effect those firms have on the market dynamics.

How would you define "many" when we say there are "many firms in an industry"?

A) More than 5
B) More than 10
C) More than 25
D) More than 100
E) So many that no one firm has any influence on price.

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Learning Objectives

Related questions

How would you define "many" when we say there are "many firms in an industry"?A) More than 5B) More than 10C) More than 25D) More than 100E) So many that no one firm has any influence on price.

Definitions

Learning Objectives

Learning Objectives

Related questions

How would you define "many" when we say there are "many firms in an industry"?

A) More than 5
B) More than 10
C) More than 25
D) More than 100
E) So many that no one firm has any influence on price.