This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Perfect competition is the term used to describe: a. an industry in which a few price-taking firms ... (Read 51 times)

Garrulous

  • Hero Member
  • *****
  • Posts: 686
on: Jun 30, 2018
Perfect competition is the term used to describe:
 a. an industry in which a few price-taking firms produce identical products.
 b. an industry in which numerous price-taking firms produce identical products.
 c. an industry in which firms are price takers and compete for market share by varying the qualitative characteristics of products.
  d. an industry in which numerous firms are price makers and produce identical products.

Question 2

Like profit-seeking, rent seeking is also a productive activity and contributes to the growth of the economy.
 a. True
  b. False
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

joshbk44

  • Sr. Member
  • ****
  • Posts: 340
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

False


Garrulous

  • Hero Member
  • *****
  • Posts: 686
Reply #2 on: Jun 30, 2018
Thank you :)


joshbk44

  • Sr. Member
  • ****
  • Posts: 340
Reply #3 on: Jun 30, 2018
Happy to help you


« previous next »
 

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

Four main models that describe the relationship between ecosystem function and biodiversity. Four main models that describe the relationship between ecosystem function and biodiversity.
Levels of Processing Affects Long-Term but not Short-Term Memory Levels of Processing Affects Long-Term but not Short-Term Memory
Long-term Potentiation in the granule cell layer of the rat hippocampal dentate gyrus. (Traces ... Long-term Potentiation in the granule cell layer of the rat hippocampal dentate gyrus. (Traces ...
Pregnant woman taking precautions to prevent a toxoplasmosis infection by (a) having someone else ... Pregnant woman taking precautions to prevent a toxoplasmosis infection by (a) having someone else ...
Economic objectives of firms Economic objectives of firms
The price of rice in a small country is currently $6 per pound. In order to help low-income ... The price of rice in a small country is currently $6 per pound. In order to help low-income ...
Video: Osteoporosis

For a complete list of videos, visit our video library