Aclosed economy a. does not engage in international borrowing or lending. b. does not engage in international trade of goods and services. c. both a and b d. engages in international borrowing and lending.

Why is the type of product sold in an industry an important characteristic? a firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product. a firm that sells intangible goods is usually considered a monopoly. service industries cannot differentiate their products, which makes it easy for new firms to enter the industry. expensive products are usually sold by perfectly competitive firms.