Assume the wool industry is perfectly competitive. Why is it difficult for a wool producer to make excess profits in the long run?
A. the fact that the demand curve facing each wool producer is perfectly elastic
B. the assumption that wool producers in the industry do not ?differentiate? their products
C. the fact that wool producers are ?price takers?
D. There is free entry into the wool industry.
Answer: D
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a. True b. False Indicate whether the statement is true or false
Advocates of government-run employment agencies and public training programs believe they make job search more efficient
a. True b. False Indicate whether the statement is true or false
What do interventions like hunting or fishing licenses do to the market for deer or fish?
A. Distinguish why people can hunt or catch in that area. B. Act as an incentive for agencies to get more profit. C. Provide clear property rights to reduce overconsumption. D. Add more costs to hunters which increases the number of hunters.
Perfectly competitive markets are not the best at producing the goods that are desired by consumers.
Answer the following statement true (T) or false (F)