Consider the following limit order book for a share of stock. The last trade in the stock occurred at a price of $60. Limit Buy Orders Limit Sell Orders Price Shares Price Shares $59.75 600 $59.80 200 59.70 900 59.85 200 59.65 600 59.90 400 59.60 200 59.95 200 58.65 700 a. If a market buy order for 200 shares comes in, at what price will it be filled?

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.