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As business firms exit a perfectly competitive market, this will typically increase the profits of those firm who remain in the market

Economics

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As business firms exit a perfectly competitive market, this will typically increase the profits of those firm who remain in the market. True False
When the price elasticity of demand is less than one it means demand is relatively price inelastic, and the percentage change in quantity demanded is greater than the percentage change in price. O True O False
According to the textbook, economic models do not fully capture the role played by entrepreneurs in a free- market economic system. True O False
Like price takers, price searchers can maximize profits by producing at the point where marginal revenue is equal to marginal cost. True 0 False
A market is said to be contestable when barrier to entry and barriers to exit are high. True False