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Author Question: Perfect competition is the term used to describe: a. an industry in which a few price-taking firms ... (Read 119 times)

Garrulous

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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


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joshbk44

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

False


Garrulous

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Reply #2 on: Jun 30, 2018
Thank you :)


joshbk44

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Reply #3 on: Jun 30, 2018
Happy to help you


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