Which of the following is a unique feature of perfect competition?
A) An individual firm cannot earn economic profit in the long run.
B) It is easy for new firms to enter the industry.
C) The market demand curve slopes downward.
D) The demand curve facing an individual firm is perfectly elastic.
E) The firms in the industry produce differentiated products.
Correct Answer:
Verified
Q57: Exhibit 10.5 Q58: A rise in the demand for restaurant Q59: If there occurs a permanent decrease in Q60: Because of the ease of entry of Q61: In the long run,the profit-maximizing output of Q63: Which of the following characteristics distinguishes oligopoly Q64: Suppose a monopolistically competitive firm is in Q65: Monopolistically competitive firms are unlikely to _ Q66: An oligopoly consists of _ Q67: An oligopoly _
A)operate
A)a few independent
A)can be an industry dominated
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents