In the long run, what level of economic profits can a monopolistic competitor expect to receive?
A) positive
B) zero
C) negative
D) either negative or positive, depending on the demand for its product and its costs
Answer: B
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A person 16 years or older who does not work, but is actively looking for work, is officially classified as:
A. unemployed. B. employed. C. chronically unemployed. D. out of the labor force.
If expectations about future income change, there is
A) a decrease saving if people expect income to decrease in the future. B) a decrease in saving if people expect income to increase in the future. C) an increase in saving if people expect income to increase in the future. D) no change in saving until income actually changes. E) a change in the quantity of loanable funds supplied and a movement along the supply of loanable funds curve.
The rate at which a person is willing to give up a gallon of gasoline to get one more pound of coffee and remain on the same indifference curve is called his or her
A) relative cost of coffee in terms of gasoline. B) indifference cost of coffee. C) personal price of coffee. D) marginal rate of substitution.
A change in the price of one good, such as staples, may affect the quantity demanded of another good, such as rubber bands
a. True b. False Indicate whether the statement is true or false