All costs are fixed in the short run

All costs are variable in the long run

All costs are variable in the short run

All costs are fixed in the long run

1-F,2-T,3-T

1-T,2-T,3-T

1-F,2-F,3-T

1-F,2-F,3-F

1-T,2-F,3-T

1-T,2-T,3-T

1-F,2-F,3-T

1-F,2-F,3-F

1-T,2-T,3-T,4-T

1-T,2-T,3-F,4-F

1-F,2-F,3-T,4-T

1-F,2-F,3-F,4-F

All of these answers are characteristics of a competitive market.

There are many buyers and sellers in the market

The goods offered for sale are largely the same

Firms generate small but positive economic profits in the long run