Question

In: Economics

Rejectability describes consumers' ability to decide against purchasing a product and is most closely associated with...

Rejectability describes consumers' ability to decide against purchasing a product and is most closely associated with which type of market?

a monopoly

an imperfectly competitive market

a perfectly competitive market*

Solutions

Expert Solution

Option C.

  • Rejectability is a benefit that the consumer's usually have in a perfectly competitive market to make their own buying decisions and to defer from purchasing a certain product.
  • In a perfectly competitive market there are many buyers and sellers and it has no Barriers to entry or exit.
  • In this Market each buyer has perfect information about the products being sold to them and thus they enjoy their ability to either reject or accept those products.

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