In long-run equilibrium, a monopolistically competitive firm will produce
a. at the minimum average cost
b. at full capacity
c. along the downward-sloping portion of its ATC curve
d. along the upward-sloping portion of its ATC curve
e. at the minimum of marginal cost
C
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To say that money serves as a store of value is to say that money is a useful way to store wealth for future use
a. True b. False Indicate whether the statement is true or false
"In-kind" rather than cash transfer payments are represented by
A. public assistance payments. B. unemployment insurance benefits. C. Social Security benefits. D. food stamps.
Marge is lending Martin $1,000 for one year. The CPI is 1.60 at the time the loan is made. They expect it to be 1.76 in one year. If Marge and Martin agree that Marge should earn a 3 percent real return for the year, the nominal interest rate on this loan should be ________ percent.
A. 13 B. 7 C. 16 D. 3
Import bans, import quotas, voluntary export restraints (VERs), and tariffs on goods all:
A. increase equilibrium quantities and prices. B. decrease equilibrium quantities and prices. C. increase equilibrium quantities, but decrease prices. D. decrease equilibrium quantities, but increase prices.