If the resource market is perfectly competitive:
a. the market demand for the resource is perfectly elastic.
b. the market demand for the resource is perfectly inelastic.
c. the suppliers can affect the input price by increasing or reducing their supply.
d. the input price to each firm is constant.
e. the supply of the resource is perfectly inelastic.
d
Economics
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In which market structure do firms exist in very large numbers, each firm produces an identical product, and there is freedom of entry and exit?
A) monopoly B) oligopoly C) only perfect competition D) only monopolistic competition E) both perfect competition and monopolistic competition
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Growth rates have been consistently lower for developing counties than for developed countries.
Answer the following statement true (T) or false (F)
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