In a competitive industry such as agriculture:
A) firms can freely enter, but not exit.
B) firms can freely exit, but not enter.
C) firms can neither freely enter nor exit.
D) firms can freely enter and exit.
Correct Answer:
Verified
Q17: Profit is:
A) the difference between marginal cost
Q18: Marginal cost is equal to:
A) the added
Q19: An industry is:
A) perfectly competitive
B) a firm
C)
Q20: An example of a homogeneous product is:
A)
Q21: For an increasing cost firm:
A) MC =
Q23: An example of a decreasing cost firm
Q24: The oil industry is an example of:
A)
Q25: Below is a chart of costs
Q26: Below is a chart of costs
Q27: Below is a chart of costs
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