Which of the following statements explains a similarity between perfect competition and monopolistic competition?
A) Firms in these models make use of nonprice competition.
B) Firms in these models operate at the minimum point on their long-run average total cost curves.
C) Firms in these models produce differentiated products.
D) Firms in these models find it easy to enter a market.
Answer: D) Firms in these models find it easy to enter a market.
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Describe the nature of trade between two countries based on intertemporal comparative advantage
What will be an ideal response?
The labor force in an economy consists of all: a. the people in the economy who are not retired
b. the people in the economy over 16 years of age. c. the adults in the economy between 18 and 65 years old who are able to work. d. the civilian noninstitutional adult population that is either working or looking for work. e. the noninstitutional adult population who are graduates of high school.