In the perfectly competitive model, all firms are assumed to be ...

[Mr. Wonderful]

In the perfectly competitive model, all firms are assumed to be producing:
 a. products that are heavily advertised.
  b. differentiated products.
 c. identical products.
 d. complementary products.

Question 2

If the owner of a nonrenewable resource expects his profits to be high in future, he will abstain from resource extraction in the present period.
 a. True
  b. False
  Indicate whether the statement is true or false

[trog]

Answer to Question 1

c

Answer to Question 2

True

[Mr. Wonderful]

Thanks for the timely response, appreciate it

[mcabuhat]

Wow, this really help