What Characteristic of a Competitive Market Has Made the "Long

question 202

Multiple Choice

What characteristic of a competitive market has made the "long run pretty short" in the market for iPhone applications?

• A)few firms in the market
• B)identical products
• C)ease of entry
• D)blocked entry

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Definitions:

Holding Contacts

Electrical contacts in a relay or switch that maintain their state until altered by a specific action, used to hold circuits closed or open.

Energized

Describes an electrical component that is supplied with power and is capable of performing its function or operation.

Normally Open

A configuration in electrical contacts indicating the default state is non-conductive, closing to complete a circuit when activated.

Inhibit

To prevent or restrict a specific action or operation, often used in the context of controlling processes or reactions.