When a profit-maximizing firm in a monopolistically competitive market is in long-run equilibrium,
a. the demand curve will be perfectly elastic.
b. price exceeds marginal cost.
c. marginal cost must be falling.
d. marginal revenue exceeds marginal cost.
b
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The United States first became a creditor nation in the year _______.
Fill in the blank(s) with the appropriate word(s).
A natural monopoly usually arises when
A) there are diseconomies of scale in an industry. B) the government allows unrestricted access to a market. C) there are large economies of scale relative to the industry's demand. D) companies band together to form a larger company.
For a decade after the Land Ordinance of 1785, pioneering in parts of the Northwest Territory was restricted by all of the following except
a. Indian troubles b. French interference c. English interference d. high prices of land
When a country allows trade and becomes an importer of goods, producers gain more than consumers lose
a. True b. False Indicate whether the statement is true or false