In perfect competition, the product of a single firm A) has ...

[LaDunn]

In perfect competition, the product of a single firm
 
  A) has many perfect substitutes produced by other firms.
  B) has many perfect complements produced by other firms.
  C) is sold under many differing brand names.
  D) is sold to different customers at different prices.

Question 2

Suppose the country of Mooland imposes a tariff on imported beef from the country of Aqualand. As a result of the tariff, the
 
  A) price of beef in Mooland falls.
  B) quantity of beef exported by Mooland increases.
  C) quantity of beef imported by Mooland decreases.
  D) quantity of beef imported by Mooland increases.

[aloop]

Answer to Question 1

A

Answer to Question 2

C

[LaDunn]

Wow, this really help

[mohan]

Great answer, keep it coming