Which of the following characteristics is common to monopolistic competition and perfect competition?
A) Each firm faces a downward-sloping demand curve.
B) Entry barriers into the industry are low.
C) Firms take market prices as given.
D) Firms produce identical products.
B
Economics
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The fair results approach to fairness
A) requires property rights and voluntary exchange. B) supports transferring income from the rich and giving it to the poor. C) requires efficient market outcomes. D) ensures that marginal cost equals marginal benefit. E) never creates a big tradeoff.
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Economists pay special attention to making choices at the margin
a. true b. false
Economics