In a market with perfect competition,given enough time and no barriers to entry,profits will tend toward zero in the long run.
Correct Answer:
Verified
Q15: In perfect competition,a profit-maximizing business will expand
Q16: A business can escape perfect competition by
Q17: Natural monopolies include
A) cell phone companies.
B) fast-food
Q18: In perfect competition,if there are no barriers
Q19: Monopolistic competition is characterized by
A) a large
Q21: An example of an oligopoly is the
A)
Q22: The easiest way to have a monopoly
Q23: A good example of monopolistic competition is
A)
Q24: Microsoft's two main products,Windows and Office,could be
Q25: Market power is
A) the combination of price
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