If all conditions for a perfectly competitive market are met
A) firms face sunk cost when entering the market.
B) firms' demand curves are horizontal.
C) the market demand curve is horizontal.
D) the firms' demand curves are downward-sloping.
B
Economics
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A firm is said to have market power if it charges a price ________ of production
A) higher than the marginal cost B) lower than the marginal cost C) equal to the marginal cost D) equal to the average fixed cost
Economics
Division of labor refers to
A) dividing tasks up into several subtasks and having one person perform these subtasks in a certain order. B) the separation of hourly workers from salaried workers. C) assigning different workers to different tasks. D) separating union workers from nonunion workers.
Economics