In a competitive industry
a. firms have no cost advantages
b. some firms have cost advantages, while others do not
c. all the firms have highly differentiated products
d. Consumers have strong preferences across brands
a
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The government uses the buying power of wages rather than face value or nominal value in reporting changes in "real wages" in the economy
Indicate whether the statement is true or false
The natural rate of interest falls with a __________ shift of the __________ curve
A) rightward; IS B) rightward; LM C) leftward; IS D) leftward; LM
In the Keynesian consumption function
a. consumption is a constant fraction of income. b. the marginal propensity to consume is constant. c. disposable income determines consumption. d. All of the above e. None of the above
One barrier to entry into a monopoly market is:
A. a natural monopoly. B. commonplace inputs. C. bulk buying. D. price gouging.