A monopolistically competitive firm will:
a. maximize profits by producing where MR = MC.
b. not likely earn an economic profit in the long run.
c. shut down if price is less than average variable cost.
d. all of these.
d
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If the price of tables sold by All-Oak Table Co. increases from $400 to $500, then the:
A. demand for labor by All-Oak Table Co. decreases. B. demand for labor by All-Oak Table Co. increases. C. supply of labor to All-Oak Table Co. increases. D. supply of labor to All-Oak Table Co. decreases.
Government purchases
A) are determined by the public. B) are determined by the political process. C) are influenced by interest rates. D) are determined by suppliers.
What are the requirements to become a police officer? Do you believe they are reasonable?
What will be an ideal response?
Assume a perfectly competitive industry is in long-run equilibrium at a price of $20. If this industry is a constant-cost industry and the demand for the product decreases, long-run equilibrium will be reestablished at a price
A. of $20. B. greater than $20. C. less than $20. D. either greater than or less than $20 depending on the magnitude of the decrease in demand.