Society definitely benefits by reducing the number of monopolistically competitive firms.
Answer the following statement true (T) or false (F)
False
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A firm in ________ will engage in ________ to try to earn an economic profit
A) perfect competition; advertising B) monopolistic competition; product differentiation C) perfect competition; price wars D) monopolistic competition; price wars
Supplier power is high when
a. Suppliers are concentrated b. The inputs provided are critical c. The inputs provided are unsubstitutable d. All of the above
In the short run, it is impossible for an expansion of output to cause an increase in: a. ATC
b. AVC. c. AFC. d. MC.
If the rightward shift of the supply curve is greater than the leftward shift of the demand curve, the equilibrium price will ______ and the equilibrium quantity will ______.
a. rise; fall b. fall; rise c. rise; rise d. fall; fall