Banks can lower the cost of information production by applying one information resource to many different services.  This process is called   Question 9 options:   a)  asset transformation.   b)  economies of scope.   c)  economies of scale.

Please answer the first two questions.  1. Think about the following categories: number of firms, type of product, pricing, market knowledge, entry and exit in the market, and the elasticity of the product. For each category, state the ways the credit card issuing industry is consistent with the characteristics of perfect competition and what ways it is not.  2. Do some research and use your own experience to cite some ways the credit card industry has changed over the past ten years.