If some firms are making a profit in monopolistic competition, in the long run
A. the industry supply curve will increase and market price will fall.
B. the industry supply curve will increase and market price will rise.
C. the industry supply curve will decrease and market price will fall.
D. the industry supply curve will decrease and market price will rise.
A. the industry supply curve will increase and market price will fall.
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Which of the following is the LEAST scarce?
A) college education B) medicine C) housing D) air
Explain production
What will be an ideal response?
Refer to the information provided in Figure 3.11 below to answer the following question(s).
Figure 3.11Refer to Figure 3.11. An increase in the price of tomatoes (an input for gardenburgers) will cause a movement from Point B on supply curve S2 to
A. Point C on supply curve S2. B. supply curve S1. C. supply curve S3. D. Point A on supply curve S2.
When European markets refused to allow U.S. beef to be imported because U.S. cows had been fed government-approved hormones, this was an example of
a. a tariff b. a quota c. free trade d. a nontariff barrier e. economic efficiency