In the long run, the entry of new firms in an industry
A) harms consumers by forcing prices up above the level of average cost.
B) benefits consumers by forcing prices down to the level of total cost.
C) harms consumers by forcing prices up above the level of total cost.
D) benefits consumers by forcing prices down to the level of average cost.
Answer: D
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How does opportunity cost to education contribute to low school enrollments in developing countries?
Most markets involve the use of money for transactions because:
a. goods and services can be exchanged more easily with money than without it. b. goods and services cannot be exchanged without money. c. using money requires a double coincidence of wants. d. the transaction costs of using money are very high. e. the value of money remains same across countries over time.