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:

Farm Subsidies

Financial assistance granted by the government to farmers that aims to supplement their income and manage the supply of agricultural commodities.

Family Farms

Small-scale agricultural operations owned and operated by families, often passed down through generations.

Economic History

The study of economies or economic phenomena of the past, analyzing historical methods, practices, and changes in economies over time.

Okies

A term used to describe migrants from Oklahoma and surrounding states, especially during the Dust Bowl period of the Great Depression.