The definition of a market is broader than that of an industry.
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Q15: The number of firms increases in the
Q16: Define the term industry.
Q17: The long-run competitive equilibrium model describes what
Q18: The long-run competitive equilibrium model can be
Q19: In a competitive industry, firm demand is
A)downward-sloping.
B)vertical.
C)nonexistent.
D)horizontal.
E)unchanging.
Q21: Free entry and exit refers to industries
Q22: Firm demand in a competitive industry, like
Q23: If the typical firm in an industry
Q24: Free entry and exit means that
A)banks charge
Q25: If higher taxes raise the unit cost
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