6) Assume the wool industry is perfectly competitive. Why is it difficult for a wool producer to make excess profits in the long run? A) the fact that wool producers are "price takers" B) the assumption that wool producers in the industry do not "differentiate" their products C) the fact that the demand curve facing each wool producer is perfectly elastic D) There is free entry into the wool industry.

6) Assume the wool industry is perfectly competitive. Why is it difficult for a wool producer to make excess profits in the long run? A) the fact that wool producers are "price takers" B) the assumption that wool producers in the industry do not "differentiate" their products C) the fact that the demand curve facing each wool producer is perfectly elastic D) There is free entry into the wool industry.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The illusion of pattern shapes our everyday lives. How does this illusion emerge (refer to law of small numbers & impossibility of causal explanations) and how does it affect decision-making?
Trying to figure out?
Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?
How is the Rational decision making a complex process?
Answer this question
Explain traditional or behavioral economic beliefs
What is an Economist
You want to travel to Las Vegas to celebrate spring break and your "A" in your microeconomics class! You are trying to figure out if you should drive or fly. A round trip airline ticket from Riverside to Las Vegas costs $350 and flying there and back takes about 5 hours. Driving roundtrip to Las Vegas costs about $50 in gas and takes about 10 hours. Other things constant, what is the minimum amount of money that you would have to expect to make by gambling in Las Vegas to induce you as a rational individual to fly rather than drive? O $10 an hour $60 an hour O $70 an hour O $300 an hour
How relevant is economics in our everyday lives?