In the long run, monopolistic competition starts to look like
A. monopoly.
B. a market in disequilibrium.
C. perfect competition.
D. oligopoly.
Answer: C
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In the long run, if price is less than average cost
A) there is an incentive for firms to exit the market. B) there is no incentive for the number of firms in the market to change. C) there is profit incentive for firms to enter the market. D) the market must be in long-run equilibrium.
After the depression of the 1930s and the interruption of World War II, in the post-war period (1945–50) private investment
(a) fell back to the 1920s level. (b) rose to unprecedented levels. (c) collapsed in the 1948 downturn and then returned to the stagnation levels of the 1930s. (d) did none of the above.
The type of good that is most likely to be subject to market failure is:
A. a public good. B. a private good. C. an uncommon resource. D. a factor of production
The demand curve for labor will shift whenever
A) the wage rate changes. B) the marginal factor cost changes. C) demand for the final product changes. D) the supply of labor changes.