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Economics: supply demand price and competition factors

1. The market for micro-computers (PCs) is fairly competitive, the products are somewhat homogeneous, and over time firms have entered looking to make profits on new configurations of the micro-computer. Over time, profits:

a. have risen dramatically.
b. have stayed about the same for most firms.
c. have become razor thin for many producers.
d. are not important since this industry is in the nonprofit sector.

2. Economists tend to focus on one structural aspect of market organization that is more important than the others, which is:
a. the number of buyers and sellers.
b. product homogeneity or differentiation.
c. the quality of market information.
d. entry and exit conditions.

Solution Preview

1. The market for micro-computers (PCs) is fairly competitive, the products are somewhat homogeneous, and over time firms have entered looking to make profits on new configurations of the micro-computer. Over time, profits:
a. have risen dramatically.
b. have stayed about the same for most ...

Solution Summary

A sentence or two explains each choice.

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