In the long run, a monopolistically competitive firm produces a quantity that is
a. equal to the efficient scale.
b. less than the efficient scale.
c. greater than the efficient scale.
d. consistent with diseconomies of scale.
b
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Which of the following does NOT describe a function of money?
A) unit of account B) barter C) medium of exchange D) store of value
Hyperinflation is defined as
A) declining inflation rates. B) rising but low inflation rates. C) very high inflation rates. D) very low inflation rates.
The principle of diminishing marginal utility can be used to explain why
A) Bob's second soda is less enjoyable than his first soda. B) Bob's first soda is less enjoyable than his second soda. C) Charlie enjoys his fourth soda less than Bob enjoys his first. D) Bob enjoys his first soda more than Charlie enjoys his fourth.
A product is considered to be excludable if it is jointly owned by all members of a community
Indicate whether the statement is true or false