Which of the following is not a characteristic of a competitive market?
A. A large number of buyers and sellers.
B. Firms can enter and exit the market freely.
C. Firms sell differentiated products.
D. All market participants have full information about cost and prices.
Ans: C. Firms sell differentiated products.
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Which of the following is not a reason it is harder to unionize in the fast growing service industry? a. Service sector jobs are often in small firms, making it difficult to organize large numbers of employees across the industry. b. Service industry jobs are often standardized, reducing the need for unions to negotiate working conditions. c. Employees in the service sector often work more
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