A monopolistically competitive industry is like a perfectly competitive industry in the sense that:
a. non-price competition is significant in both industries.
b. there are no substantial barriers to entry in both cases.
c. economic profits in long run equilibrium are zero in both cases.
d. both (b) and (c) are true.
Question 2
An externality can occur when:
a. a voluntary transaction between two individuals creates economic value.
b. a person's action affects another's wealth either positively or negatively.
c. a self-interested individual tries to maximize his/her profits.
d. a voluntary transaction between two individuals creates economic loss.
The Acheulean industry is typified by hand axes and cleavers.
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