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ECON 202 Exam 2 with Questions and Answers.
3 key characteristics , which economists use to classify into four market structures: - 1. The number of firms in the industry 2. The similarity of the good or service produced by the firms in the industry/ 3. The ease with which new firms can enter the industry. A Perfectly competitive firm _______ affect the Market Price. - CANNOT A price cut in an elastic demand, will ________ Total Revenue. - increase a price cut in an Inelastic demand, will __________ Total Revenue. - Decrease An inc...
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3 key characteristics , which economists use to classify into four market structures: - 1. The number of firms in the industry 2. The similarity of the good or service produced by the firms in the industry/ 3. The ease with which new firms can enter the industry. A Perfectly competitive firm _______ affect the Market Price. - CANNOT A price cut in an elastic demand, will ________ Total Revenue. - increase a price cut in an Inelastic demand, will __________ Total Revenue. - Decrease An inc...