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Author Question: It is relatively easy for firms to enter and exit a perfectly competitive market. a. True b. False ... (Read 71 times)

renzo156

  • Hero Member
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  • Posts: 526
on: Jun 30, 2018
It is relatively easy for firms to enter and exit a perfectly competitive market.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

When does a resource earn only economic rent?
 a. When the supply curve of the resource is relatively elastic
  b. When the supply curve of the resource is horizontal
  c. When the supply curve of the resource is vertical
  d. When the supply curve of the resource is relatively inelastic
  e. When the supply curve of the resource is backward bending


ong527

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  • Posts: 285
Reply #1 on: Jun 30, 2018
Answer to Question 1

True

Answer to Question 2

c


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