Economists do not consider the smartphone industry perfectly competitive because
A. smartphones are heterogeneous.
B. there are a large number of smartphone manufacturers.
C. smartphone manufacturers each have a small market share.
D. the government strictly regulates entry and exit.
Answer: A
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We use interest rates to measure the opportunity cost of holding money
Indicate whether the statement is true or false
Suppose the exchange rate for the U.S. dollar falls. This could be caused by
A) a decrease in U.S. import demand. B) an increase in the world demand for U.S. exports. C) an increase in the U.S. interest rate differential. D) a fall in the expected future exchange rate.
The real-balance effect refers to
A. the economy's ability to balance recession and expansion. B. the economy's response to interest rate changes. C. the change in the value of cash balances due to price level changes. D. the change in net exports.
A good is path dependent when
A) it can only be used in one way. B) people who move location follow the path of people who moved before them. C) consumers get utility from consuming goods that others are consuming, such as restaurants. D) the first technology that was adopted has an advantage over a better technology that came later.