In a perfectly competitive industry we are likely to find
a. firms producing a wide variety of products
b. barriers to entry
c. no profit possible in the short run
d. firms that do not advertise
e. firms that can choose the price of their products
D
Economics
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When an economy experiences a recession there is
A) a rightward shift of the short-run Phillips curve. B) a leftward shift of the short-run Phillips curve. C) no change in the short-run Phillips curve. D) a downward movement along the short-run Phillips curve. E) an upward movement along the short-run Phillips curve.
Economics
Refer to the figure above. What is the consumer surplus when Lithasia engages in trade and the government imposes a $1 tariff on chairs?
A) $100 B) $120 C) $180 D) $200
Economics