A standardized product is a product
A. where the demand function is downward sloping for both the firm and the industry.
B. that is unique to one producer.
C. which is produced according to government regulations.
D. that has many perfect substitutes.
Answer: D
Economics
You might also like to view...
Under perfect competition, the lure of profits makes producers try to equate marginal cost and price
a. True b. False Indicate whether the statement is true or false
Economics
A production possibilities frontier is a graph that shows the combination of outputs that an economy should produce
a. True b. False Indicate whether the statement is true or false
Economics