In the long run, both monopolistically competitive and perfectly competitive firms attain
A. productive efficiency.
B. positive economic profits.
C. zero economic profits.
D. lowest cost production.
Answer: C
You might also like to view...
It has been found that
A. less-developed countries have more equality of income distribution. B. more-developed countries have more equality of income distribution. C. only prior communist countries have more equality of income distribution. D. income distribution cannot be measured among countries with different political and economic systems.
Hyperinflation is caused by
A) the money supply growing more slowly than GDP. B) Real GDP growing more rapidly than the money supply. C) a constant increase in the money supply. D) a high rate of growth in the money supply.
A perfect price discriminating equilibrium maximizes
A) consumer surplus. B) the associated deadweight loss. C) the market inefficiency. D) total welfare.
The use of money as a medium of exchange I. lowers transaction costs. II. permits more specialization
A) I only B) II only C) Neither I nor II D) Both I and II