Which of the following is characteristic of a perfectly competitive market?
A. Identical products.
B. Long-run economic profit.
C. High barriers to entry.
D. A small number of firms.
Answer: A
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A country with a high GDP per capita can be classified as an industrially advanced country (IAC) regardless of its industrial development
a. True b. False Indicate whether the statement is true or false
U.S. economic data from 1955 to 2000 show that both unemployment and inflation rates increased during that period
a. True b. False Indicate whether the statement is true or false
In which of the following market structures can firms earn economic profits in the long run?
a. perfect competition b. monopolistic competition c. monopoly d. Both b and c are correct.
The sale of __________ goods is omitted from current GDP because __________
A) intermediate goods; these goods do not constitute production B) used goods; these goods were counted in an earlier year C) illegal; these goods do not constitute economic value D) b and c E) a, b, and c