An apartment complex has the following characteristics: 6 three-bedroom units $600 monthly rent 12 two-bedroom units $475 monthly rent Given an expected vacancy rate of 5% percent, what is the potential annual gross income for this property

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.