In a competitive industry
a. firms produce a product or service with very close substitutes
b. the firms products have a very elastic demand
c. the firms have many rivals
d. all of the above
d
Economics
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If real GDP is less than potential GDP, then the ________ and the price level ________
A) aggregate demand curve shifts leftward; rises B) aggregate demand curve shifts rightward; falls C) aggregate supply curve shifts leftward; rises D) aggregate supply curve shifts rightward; falls E) amount of potential GDP increases; falls
Economics
All group decisions are Pareto superior moves
a. True b. False
Economics