what makes the market for ramen noodles a competitive market? the market for ramen noodles is a competitive…

what makes the market for ramen noodles a competitive market? the market for ramen noodles is a competitive market ________. a. only if the market where ramen noodles are sold is a physical place b. if many people buy ramen noodles, but only one firm sells ramen noodles c. if many people buy ramen noodles, but only a few firms sell ramen noodles d. if many people buy and many firms sell ramen noodles, so no single buyer or seller can influence the price

what makes the market for ramen noodles a competitive market? the market for ramen noodles is a competitive market ________. a. only if the market where ramen noodles are sold is a physical place b. if many people buy ramen noodles, but only one firm sells ramen noodles c. if many people buy ramen noodles, but only a few firms sell ramen noodles d. if many people buy and many firms sell ramen noodles, so no single buyer or seller can influence the price

Answer

Brief Explanations:

In a competitive market, there are numerous buyers and sellers, and no single entity can influence the market - price. Option A is wrong as a market doesn't have to be a physical place. Options B and C describe situations with limited sellers which don't fit the competitive - market criteria. Option D describes a situation with many buyers and sellers, which is characteristic of a competitive market.

Answer:

D. if many people buy and many firms sell ramen noodles, so no single buyer or seller can influence the price