Which of the following is necessary for the presence of competition in a market?
a. Government regulations that assure firms will make excess profits.
b. Suppliers that offer a homogeneous product.
c. A price that always equals per-unit production costs.
d. Low barriers to entry into the market.
D
Economics
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To maximize profits, a firm should expand production as long as it is making profits.
Answer the following statement true (T) or false (F)
Economics
Which of the following is NOT a stage of development that modern rich nations have gone through?
A. inflation stage B. agricultural stage C. service stage D. manufacturing stage
Economics