In a perfectly competitive industry, each firm
A. produces a differentiated product.
B. engages in various forms of nonprice competition.
C. can easily enter or exit the industry.
D. determines its own price.
Answer: C
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Suppose the price elasticity of demand for a product is 0.5 . If a supplier wants to increase revenue, what change should it make to price, if any?
Each day Sue works 8 hours and produces 7 units of goods and services. Mary works 10 hours each day and produces 10 units of goods and services. It follows that
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