A standardized product is a product
A. where the demand function is downward sloping for both the firm and the industry.
B. that is unique to one producer.
C. which is produced according to government regulations.
D. that has many perfect substitutes.
Answer: D
You might also like to view...
What is the difference between explicit costs and implicit costs? List three examples each of explicit costs and implicit costs that may be experienced by a small business
What will be an ideal response?
If an economy invests more than it loses through depreciation ________
A) the saving rate will fall B) the saving rate will rise C) the quantity of labor will fall D) the capital stock will expand
Emissions permits might be called an allowance.
Answer the following statement true (T) or false (F)
Suppose that firms in a competitive industry are earning positive economic profits. All else equal, in the long run, we would expect the number of firms in the industry to
a. increase. b. decrease. c. remain the same. d. We do not have enough information with which to answer this question.