In which market structure do firms exist in very large numbers, each firm produces an identical product, and there is freedom of entry and exit?

Hong Kong is an example of an economy that

A) does not experience economic growth because it is not a democracy. B) experiences economic growth in spite of the fact that is lacks democratic freedom. C) grows more slowly than other Asian countries because property rights are not valued. D) needs to promote investment so that economic growth can occur. E) lacks economic freedom and therefore experiences the slowest economic growth of all developed economies.

A competitive firm's minimum supply price in the short run is its shutdown price

a. True b. False Indicate whether the statement is true or false