If regulators were to ensure that monopolistically competitive firms follow a marginal cost-pricing rule:
a. new firms would be likely to enter the market
b. the most efficient firms would not likely be affected.
c. all firms would experience losses.
d. firms would operate at the most efficient scale.
c
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Refer to Table 21.1. What is the median income on Richlandia?
A) $40,000 B) $69,000 C) $75,000 D) $85,000
Minerals, water, and forests are all considered to be part of the broad resource category known as
a. land. b. capital. c. entrepreneurship. d. labor. e. none of the above
Generally, if a nation imposes a tariff on imports,
a. part of the tax is paid by foreign exporters. b. the entire tax is paid by foreign exporters. c. none of the tax is paid by foreign exporters. d. the tax has no impact on the profits of foreign exporters.
The total of producer and consumer surplus is maximized when there is underproduction.
Answer the following statement true (T) or false (F)