1. Characteristics of price-taker markets Firms in the market will be price-takers when the following conditions are met: 1. All firms in the market produce an identical product. 2. A large number of firms (buyers and sellers) exist in the market, so that no single firm dominates the market. 3. Each firm supplies only a very small portion of total output supplied to the market. 4. No barriers limit entry into or exit from the market, and firms and resources are fully mobile.

Which of the following is not a characteristic of enterprise applications that cause challenges in implementation? a. they introduce "switching costs," making the firm dependent on the vendor. b. they cause integration difficulties as every vendor uses different data and processes. c. they are complex and time consuming to implement. d. they support "best practices" for each business process and function. e. they require sweeping changes to business processes to work with the software.

How are interest rates calculated by financial institutions? financial institutions generally calculate interest as (1) interest or (.

When immigration adds to the size of the domestic labor pool, which of the following is likely to occur? a. wages decrease. b. productivity increases. c. consumption decreases. d. minimum wage increases.