Refer to the table below. In 2004, what would be the U.S. dollar cost of one euro?

A basic assumption used in many economic models is:

A) as price goes up, the amount purchased will go up too. B) as price goes up, less will be offered for sale on the market. C) if the underlying theory doesn't represent reality, it is not useful. D) ceteris paribus, which means all other things remain unchanged.

Which of the following characteristics does perfect competition share with monopolistic competition?

a. price-taking firms b. zero long-run economic profit c. homogeneous product d. some barriers to entry e. economies of scale in production