True or False
Mark statements 4-10 true or false by writing T or F on the line provided.
4. Twenty-five million businesses in the United States operate in the same kind of market.
5. A characteristic of the farming industry is the ability of producers to slightly differentiate
their products.
6. Easy entry into a market means that no entity, such as government, keeps individuals from
going into business.
7. Individuals who own stock may sell it below or above the equilibrium price of the stock.
8. Sellers who produce identical products produce the quantity of output at which marginal
revenue equals marginal cost.
9. Profit in a market acts as a signal to new firms to enter that market.
10. As the supply of goods in a market increases, it causes the price to fall until firms no longer see
an incentive to enter the market.
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