"--- In a perfectly competitive industry, with the same costs for all firms, free entry and exit, each firm will have _________ economic profits in the long-run equilibrium.

options:

	positive
	negative
	different
	zero

WhatsApp is a leader in the market for instant messaging applications. Most instant messaging applications, including WhatsApp, require that both message senders and receivers are using the same app. Which of the following factors best explains the source of market power for instant messaging apps like WhatsApp?

options:

	Network externalities
	Economies of scale
	Control of natural resources
	Copyright protection

Which of the following equations isTRUEat the profit maximizing output level for a firm in a perfectly competitive market?

options:

	Marginal Cost = Marginal Revenue
	Price = Marginal Revenue
	Marginal Cost = Price
	All of the above

One characteristic of a perfectly competitive market is that there are ________ sellers of the good or service.

options:

	a few
	usually less than 10
	many
	one or two