What characteristic of a competitive market has made the "long run pretty short" in the market for iPhone applications?
A) few firms in the market B) ease of entry
C) blocked entry D) identical products
B
Economics
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Give some examples of transactions in markets which are not regulated or controlled
What will be an ideal response?
Economics
A product priced at $5 has annual sales of 1,000 units. When price is reduced to $4, quantity increases to 1,250 units. Other things unchanged, the price elasticity of demand for the product is:
A. unitary. B. inelastic. C. elastic. D. zero.
Economics