Refer to the above figure. A long-run equilibrium in monopolistic competition is pictured by
A) Panel A.
B) Panel B.
C) Panel C.
D) Panel D.
B
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In the short run, the firm makes zero economic profit when the price is ________ minimum average total cost, makes an economic profit when the price is ________ minimum average total cost, and incurs an economic loss when the price is ________
minimum average total cost. A) equal to; higher than; lower than B) equal to; lower than; higher than C) higher than; equal to; lower than D) lower than; equal to; higher than
The wage gap between males and females is decreasing, and will be finally eradicated because the average male in the labor force has equal marketable human capital as the average female
a. True b. False Indicate whether the statement is true or false
_______ is the percentage change in the quantity of good A that is demanded as a result of a percentage change in the price of good B.
a. Elasticity of savings b. Cross-price elasticity of demand c. Income elasticity of demand d. Wage elasticity of labor supply
As incomes increase worldwide, in addition to increased energy use, we expect to see use (and relative share) of grains and oilseeds used for animal feed
a. increase in highly developed economies only b. to decrease worldwide c. to increase worldwide d. stay at relatively the same share