In perfect competition
A) many firms sell slightly different products to many buyers.
B) sellers are better informed about the prices than buyers.
C) firms face no restrictions on entry into market.
D) established firms have advantage over new ones.
C
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When products that create positive externalities are produced, at the market equilibrium output, the social benefit generated by consuming the product exceeds the private benefit
Indicate whether the statement is true or false
How do fears of future economic problems affect GDP?
(A) Government will spend less and save money for a future economic contraction; GDP will be reduced. (B) Consumers will spend more money in the short term to prevent future economic problems; GDP will be pushed up. (C) Businesses will invest more money in the short term to ensure higher profits in the future; GDP will be pushed up. (D) Consumers will spend less and save money in case future economic problems affect them; GDP will be reduced.