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:

Inclusive Union

A labor union that aims to represent a wide variety of workers, regardless of occupation or industry, focusing on broad-based membership and rights.

Perfectly Competitive

A market structure where there are many sellers and buyers, products are homogeneous, and there are no barriers to entry or exit.

Compensating Differences

Differences in the wages received by workers in different jobs to compensate for the nonmonetary differences between the jobs.

Wage Rates

Wage rates are the standard amount of compensation given to employees for their labor, typically expressed per hour or day.