Which of the following is NOT a characteristic of a perfectly competitive industry?
A) There are many firms.
B) There are no restrictions on entry into the market.
C) Each firm produces a slightly differentiated product.
D) Each firm takes price as given, determined by the equilibrium of industry supply and industry demand.
C
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What happens in the long run if firms in a monopolistically competitive industry are incurring economic losses? Explain
What will be an ideal response?
If inflationary expectations on the part of the public increase, the trade-off between inflation and unemployment becomes worse
Indicate whether the statement is true or false
Which of these instances would constitute labor-market discrimination? Henry receives a higher wage than Ryan. Henry and Ryan are identical in all of their labor-market characteristics except that
a. Henry is a college graduate, and Ryan has only a high school diploma. b. Henry has 10 years of experience at his job, whereas Ryan has only five years of experience. c. Henry is white and Ryan is Black. d. by objective measures Henry consistently outperforms Ryan.
Concentration ratios for monopolistically competitive markets typically fall in the range of 70 to 100 percent.
Answer the following statement true (T) or false (F)