It is relatively easy for firms to enter and exit a perfectly ...

[renzo156]

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]

Answer to Question 1

True

Answer to Question 2

c