_____ forces firms in a perfectly competitive market to sell their products at the prevailing market price
a. Pronounced barriers to entry
b. The ability to raise prices to levels higher than the marginal cost of production
c. A high degree of similarity with competitors' products
d. Supernormal profits in the long run
c
Economics
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How are goods and services produced in the global economy?
A. Developing countries use less human capital but just as much physical capital as advanced economies. B. Emerging economies use more capital-intensive technology than do developing economies. C. Human capital in all economies is similar. D. Advanced economies use less capital than developing economies.
Economics
In the short run, it is impossible for an expansion of output to cause an increase in: a. ATC
b. AVC. c. AFC. d. MC.
Economics