Competitive markets are characterized by
a. a small number of buyers and sellers.
b. unique products.
c. the interdependence of firms.
d. free entry and exit by firms.
d
Economics
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Economists have difficulty applying the scientific method because
What will be an ideal response?
Economics
As existing firms exit an increasing-cost industry
A. the position of the LRAC curve doesn't change, but firms move up their LRAC curve. B. the LRAC curve shifts up. C. the LRAC curve shifts down. D. the position of the LRAC curve doesn't change, but firms move down their LRAC curve.
Economics