A monopolistically competitive firm cannot earn an economic profit in the long run
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose the market demand elasticity is constant at -2, and there are three identical firms in the oligopolistic market. A Cournot firm's MPL = 1.2L-0.5, then the labor demand for a Cournot firm is
A) PL-0.5. B) 0.6PL-0.5. C) 0.2PL-2. D) PL-2.
Which statement best describes the immediate post-slavery experience for ex-slaves?
a. They were able to engage fully in the economic, social and political activities in their towns. b. Freedmen took advantage of the educational opportunities available to them and had education rates equal to those of whites. c. Most freedmen immediately moved north. d. Their life expectancies increased dramatically. e. Their income increased relative to the income of whites.
According to the law of diminishing returns,
a. Some productions factors are fixed b. All inputs are variable c. All inputs are fixed d. None of the above
Scarce good
What will be an ideal response?