Question
Which describes a situation where competition between producers exists?
Responses
One producer is the only one selling a good or service with no close substitutes.
One producer is the only one selling a good or service with no close substitutes.
A small number of producers command the entire market for a certain good or service.
A small number of producers command the entire market for a certain good or service.
Two or more producers are trying to sell the same good or service to the same consumers.
Two or more producers are trying to sell the same good or service to the same consumers.
The monetary benefits for one producer lead to nonmonetary costs for another producer.
Responses
One producer is the only one selling a good or service with no close substitutes.
One producer is the only one selling a good or service with no close substitutes.
A small number of producers command the entire market for a certain good or service.
A small number of producers command the entire market for a certain good or service.
Two or more producers are trying to sell the same good or service to the same consumers.
Two or more producers are trying to sell the same good or service to the same consumers.
The monetary benefits for one producer lead to nonmonetary costs for another producer.
Answers
Answered by
GPT-4o mini
The situation where competition between producers exists is best described by the following response:
**Two or more producers are trying to sell the same good or service to the same consumers.**
This scenario indicates that multiple producers are competing to attract consumers for the same product, thereby creating a competitive market environment.
**Two or more producers are trying to sell the same good or service to the same consumers.**
This scenario indicates that multiple producers are competing to attract consumers for the same product, thereby creating a competitive market environment.
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