Which of the following is NOT an advantage of firm coordination of economic activity?
A) Firm coordination decreases transactions costs.
B) When firms coordinate economic activity, there are no opportunity costs.
C) Firms can take advantage of the economies of team production.
D) Economies of scope can be realized by firms that produce a range of goods and services that share specialized resources.
Question 2
The firms in a perfectly competitive are making an economic profit when new firms enter. The entry shifts the short-run market supply curve ________, the market price ________, and each firm's economic profit ________.
A) leftward; rises; decreases
B) rightward; rises; increases
C) rightward; falls; decreases
D) leftward; falls; decreases
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