To determine whether a market is perfectly competitive, economists examine the
a. number of firms in the market.
b. similarities among the products of the different firms in the market.
c. ease of entry and exit by firms in the market.
d. All of the above are correct.
d
Economics
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The value of the best thing that a person must give up when making a decision is known as the ________ cost
A) opportunity B) sunk C) benefit D) explicit E) direct
Economics
A surplus tends to put ________ pressure on the price of the product, which ________ the quantity demanded
A) upward; increases B) upward; decreases C) downward; increases D) downward; decreases
Economics