Which of the following is likely to be present in a perfectly competitive market?
a. patents
b. government licenses
c. nonprice competition such as advertising
d. high capital costs
e. firms producing identical products
E
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Historians of economic thought often describe ________ written by ________ and published in ________ as the first real exposition of an economic model
A) "Of the Balance of Trade," David Hume, 1776 B) "Wealth of Nations," David Hume, 1758 C) "Wealth of Nations," Adam Smith, 1758 D) "Wealth of Nations," Adam Smith, 1776 E) "Of the Balance of Trade," David Hume, 1758
If the average cost of a product is $10 per unit and the price is $5, the firm is losing money
a. True b. False Indicate whether the statement is true or false
In the short run, product differentiation enables firms in monopolistically competitive markets to:
A. act like perfectly competitive firms. B. sell a standardized good. C. collude with competing firms to set prices. D. act like a monopolist.
If the risk associated with the business of a company rises, then its stock price will rise.
Answer the following statement true (T) or false (F)