Multiple Choice
Which is a required characteristic of a perfectly competitive industry?
A) There are few firms so that none can influence market price.
B) Products are highly differentiated.
C) Barriers to entry are high.
D) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Demand facing an individual,perfectly competitive firm is<br>A)perfectly
Q2: A perfectly competitive firm sells 15 units
Q3: Explain the difference between economic and normal
Q5: Describe the difference in market structure between
Q6: A normal profit is<br>A)revenues minus opportunity cost
Q7: A feature of perfect competition is<br>A)use of
Q8: True,false,or uncertain? Any firm that is not
Q9: If an industry could be organized either
Q10: Monopoly is characterized by<br>A)unique products.<br>B)market entry and
Q11: In perfect competition<br>A)the firm's demand curve is