Perfect competition is defined as market structure in which: a. ...

[Coya19@aol.com]

Perfect competition is defined as market structure in which:
 a. there are many small sellers.
  b. the product is homogeneous.
  c. it is very easy for firms to enter or exit the market.
  d. all of these.

Question 2

The long-run price elasticity of demand is usually larger than the short-run price elasticity of demand because:
 a. demand curves tend to become steeper over time.
  b. economists take the absolute value of long-run price elasticities but not of short-run elasticities.
  c. people have more time to find substitute goods.
  d. incomes tend to rise over time.
  e. supply curves change over time.

[huda]

Answer to Question 1

d

Answer to Question 2

c

[Coya19@aol.com]

Thank you

[huda]

No problemo