The method used by society to produce and distribute goods and services

The economic way of thinking would approach the question "Is this industry competitive?" by

A) counting the number of firms in the industry. B) comparing the ratio of prices to costs across the industry. C) assessing the freedom of entry into the industry. D) evaluating the actual structure of the industry to the competitive standards articulated in antitrust legislation.

The question of whether the public or the private sector is appropriate to provide public goods must be decided on a case by case basis

a. True b. False