If monopolistic competitors are making profits, in the long run ______ and market price will ______.
Fill in the blank(s) with the appropriate word(s).
new firms will enter the industry; fall
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The per-person production function in Chapter 10 assumes that a one percent rise in (K/N) causes a ________ rise in (Y/N), and so it is diagrammed as a ________ line
A) less-than-one-percent, downward-curling B) less-than-one-percent, upward-curling C) one percent, upward-curling D) one percent, downward-curling E) more-than-one-percent, straight
Which economist first identified an inverse relationship between rates of inflation and rates of unemployment?
a. John M. Keynes b. A. W. Phillips c. Robert Barro d. Adam Smith e. Arthur Laffer
Other things remaining the same, as U.S. imports increase, the quantity of
A) foreign currency supplied increases. B) U.S. dollars supplied decreases. C) foreign currency demanded increases. D) foreign currency demanded decreases. E) U.S. dollars demanded increases.
Using the data in the above table, what is the marginal product of the second worker?
A) 4.5 pizzas per hour B) 4 pizzas per hour C) 5 pizzas per hour D) The marginal product is undefined.