The cost-revenue diagrams for a monopolist and a monopolistic competitor are similar except that the demand curve for the monopolistic competitor is flatter.
Answer the following statement true (T) or false (F)
True
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
A minimum wage set above the equilibrium wage rate is a price ________ that ________ the quantity of low-skilled labor demanded
A) ceiling; decreases B) ceiling; increases C) floor; decreases D) floor; increases
8 Guideposts to economic thinking
What will be an ideal response?
Recall the Application about running a software programming business to answer the following question(s).The time and invested funds involved in starting a software (app) development business addresses the economic concept of:
A. the marginal principle. B. opportunity cost. C. the real-nominal principle. D. the principle of diminishing returns.