Firms that have downward-sloping demand curves:
a. earn positive economic profits even in the long run.
b. produce homogeneous products.
c. operate in a perfectly competitive market structure.
d. enjoy monopoly or market power.
e. are price takers.
d
Economics
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When protection is encouraged to protect a growing domestic industry; which of the following is being used?
A) Anti-dumping argument B) Save domestic jobs argument C) National security argument D) Infant-industry argument E) Diversity and stability argument
Economics
For most goods, purchases tend to rise with increases in buyers' incomes and to fall with decreases in buyers' incomes. Such goods are known as:
A) inferior goods. B) direct goods. C) normal goods. D) luxury goods.
Economics