These are characteristics of a competitive industry, except:
a. Many substitutes
b. No barriers to entry
c. Homogenous product
d. Little or no information on rivals' products
d
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Which has a more elastic demand: hamburger or beef?
What will be an ideal response?
Suppose a technology is described by the production function 
a. For a price taking producer who faces output price p and wage w, derive the first order condition and interpret it.
b. Without knowing more about the function f, is the condition you derived in (a) either necessary or sufficient for deriving the profit maximizing production plan? Explain.
c. Suppose 
. Derive the first order condition you illustrated in (a) and solve for 
.
d. For what values of 
is this first order condition necessary and sufficient for deriving a profit maximizing production plan? Explain.
What will be an ideal response?