Perfect competition exists when: a. Large number of relatively small firms b. Homogenous product c. Easy entry d. All of the above Accounting cost includes implicit cost from total revenue a. True b. False One of the positivity through globalization of markets: a. Opportunity to sell more goods & services to foreign buyers b. Threat of increased competition from foreign producers c. Both a & b d. None of the above A demand curve: a. Moves upward b. Remains constant c. Slopes downward d. None of the above Economic profit is the synonym of accounting profit: a. True b. False