What characteristic of a competitive market has made the long run pretty short in the market for iPhone applications?
A) few firms in the market B) ease of entry
C) blocked entry D) identical products
Question 2
Firms in a small economy planned that inventories would grow over the past year by 300,000. Over that year, inventories actually grew by 400,000. This implies that
A) aggregate expenditure that year was less than GDP that year.
B) aggregate expenditure that year was equal to GDP that year.
C) there was a planned decrease in inventories that year.
D) there was an unplanned decrease in inventories that year.