Refer to the above graphs. Which graph would not be a possible depiction of short-run or long-run outcomes for a monopolistically competitive firm?
A. A.
B. B.
C. C.
D. D.
Answer: C
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Shortages occur at prices which are above the market clearing price
Indicate whether the statement is true or false
The table above shows the production possibilities frontier for the nation of Isolanda
a) Find the marginal cost of a pound of fish using the above PPF. b) How does the marginal cost of a pound of fish change as more fish are caught?
Diversification is most effective in reducing:
A) market risk B) systemic risk C) idiosyncratic risk D) all forms of risk
Aggregate surplus:
A. equals consumers' total willingness to pay for a good less firms' total avoidable cost of production. B. equals consumers' total willingness to pay for a good plus firms' total avoidable cost of production. C. captures the total benefit created by the production and consumption of the good. D. captures the total cost created by the production and consumption of the good.