Author Question: Which of the following is a defining characteristic of a perfectly competitive market? A) ... (Read 59 times)

jrubin · **on:** Jun 29, 2018

Which of the following is a defining characteristic of a perfectly competitive market?

A) advertisements by well-known celebrities
B) persistent economic profits in the long run
C) no restrictions on entry into the industry
D) higher prices being charged for certain name brands

Question 2

Lowering the tariff on imported ethanol

A) increases domestic employment in the ethanol industry.
B) increases the imports of ethanol.
C) increases the domestic price of ethanol.
D) has no effect unless the nation's trading partner also lowers its tariff on ethanol.