In the long run, equilibrium positions that arise in both monopolistically competitive and perfectly competitive markets are
A) MR = MC and P = MC.
B) P = ATC and P = MC.
C) MR = MC and P = ATC.
D) MR = MC = P.
C
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A) 2008 and 2009 B) 2012 only C) 2011 only D) 2010 and 2012 E) all except 2011
The ways in which monetary policy affect output and prices are known as:
A) channels B) stations C) vehicles D) means
Price ceilings can result in a net loss in consumer surplus when the ________ curve is ________
A) demand; very elastic B) demand; very inelastic C) supply; very inelastic D) none of the above; price ceilings always increase consumer surplus
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Indicate whether the statement is true or false