G Alpha Industries operates in a highly competitive market. While there are a few other firms in the industry due to the high fixed costs of building plants, rival firms are very aggressive in their pricing strategies. Of the products sold in the industry, over 90% have 10 years of patent protection remaining. Does this industry meet an economist’s definition of a perfectly competitive industry? Explain.

If a product goes up in price, and the demand for it drops, that product's demand is a. elastic b. inelastic c. stable d. fixed select the best answer from the choices provided

Statistical process control charts: a. indicate to the operator the true quality of material leaving the process. b. display upper and lower limits for process variables or attributes and signal when a process is no longer in control. c. indicate to the process operator the average outgoing quality of each lot. d. display the measurements on every item being produced. e. are a graphic way of classifying problems by their level of importance, often referred to as the 80-20 rule.

Which of the following is a benefit of a hat? it has a sports team logo on it. it makes the wearer look cool. it is red. it costs $12.