When a monopolistically competitive firm is in long-run equilibrium:
a. the demand curve will be perfectly elastic.
b. marginal cost must be falling
c. price exceeds marginal cost.
d. marginal revenue exceeds marginal cost.
c
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Which of the following pairs of goods is likely to be considered complements?
A) Nokia and Samsung cell phones B) Laptops and electric heaters C) Motorcycles and typewriters D) Pens and writing pads
The income that people receive is called:
a. national income. b. personal income. c. disposable personal income. d. transfer payments.
The federal government agency that is responsible for determining the inflation rate and the unemployment rate is the Federal Reserve
Indicate whether the statement is true or false
After a price ceiling of $8 is placed on the market in the graph shown:
A. producers lose because they sell at a lower price. B. the quantity traded in the market falls. C. some consumers benefit because they pay a lower price. D. All of these are true.