If the x-axis is Quantity and the y-axis is Price, what does the 85 in point (85, 5) represent? (5 points) The quantity supplied at time 1
The quantity supplied at time 2
The price at time 1
The price at time 2

Which type of market are you in if your company, along with three other companies, controls 95 percent of the total music industry?

Which of the following is a competitive benefit experienced by the first mover firm in an industry? a. the first mover will be able to achieve a less steep learning curve. b. the first mover will be able to reduce the switching costs. c. the first mover will not have to patent its products or technology. d. the first mover will be able to reduce costs through economies of scale.

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.