Asymmetric information problems arise
A) in horizontally integrated firms, but not vertically integrated firms.
B) in vertically integrated firms, but not horizontally integrated firms.
C) in both vertically and horizontally integrated firms.
D) only in firms that do not have the advantage of either horizontal or vertical integration.
E) only when a single firm is both horizontally and vertically integrated.
Question 2
Which of the following is NOT a necessary condition for long-run equilibrium under perfect competition?
A) No firm has an incentive to enter the market.
B) No firm has an incentive to exit the market.
C) Prices are relatively low.
D) Each firm earns zero economic profit.
E) Each firm is maximizing profit.
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