Which of the following features is common to both perfectly competitive markets and monopolistically competitive markets?
A. Firms produce homogeneous goods.
B. There is free entry.
C. There is free entry and long-run profits are zero.
D. Long-run profits are zero.
Answer: C
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In risk characterization, the quantitative component
a. can be presented asa probability b. might include a reference dose (RfD) to communicate non-carcinogenic health risks c. can be based on inferences instead of actual data d. all of the above
The difference between a firm's total revenue and its total opportunity cost is the firm's
A) normal profit. B) economic profit. C) marginal profit. D) marginal revenue.
The number of tomato producers is of no consequence to people who enjoy eating tomatoes
Indicate whether the statement is true or false
Fill in the blanks. For a normal good, the income effect is _________, and the substitution effect is _______.
a. positive; positive b. positive; negative c. negative; positive d. negative; negative