Free entry and exit of firms is a characteristic of:
A. all industries in the U. S. economy.
B. centralized economies.
C. industries in which firms are earning positive economic profit.
D. perfectly competitive industries.
Answer: D
Economics
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Assume the exchange rate is 1 U.S. dollar equals 1.10 Canadian dollars. If purchasing power parity is correct, a DVD that has a price of $10 in Rochester, New York, in Canada has a price of ________ Canadian dollars
A) 10.00 B) 10.10 C) 11.00 D) 11.11 E) 9.09
Economics
Which of the following statements is FALSE?
A) A perfectly inelastic supply curve is a vertical line. B) Time is an important consideration in determining supply elasticity. C) Price elasticity of supply can never equal 1. D) A horizontal supply curve is possible.
Economics