Monopolistically competitive firms in long-run equilibrium produce at less than
A. the MR = MC output.
B. minimum ATC.
C. the optimal scale.
D. All of the above are correct.
Answer: C
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Aimee sells hand-embroidered dog apparel over the Internet. Her annual revenue is $128,000 per year, the explicit costs of her business are $42,000, and the opportunity costs of her business are $30,000
What are the implicit costs of her business? A) $12,000 B) $30,000 C) $72,000 D) $86,000
Households and firms pay taxes to the government to:
a. increase their consumption spending. b. finance the country's import bill. c. increase their savings. d. improve their standard of living. e. finance government expenditures.
The World Bank was created to help finance economic development in poor countries
a. True b. False Indicate whether the statement is true or false
Economists typically date the beginning of the gold standard to the period:
a. before 1500. b. before 1776. c. between 1880 and 1914. d. between the two world wars. e. between 1970 and 2000.