Monopolistic competition and perfect competition are different in that
A) only monopolistically competitive firms advertise.
B) only monopolistically competitive firms can earn economic losses in the short-run.
C) only perfectly competitive firms maximize profits where marginal revenue equals marginal cost.
D) only perfectly competitive firms are characterized by long-run economic profits of zero.
Answer: A
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What will be an ideal response?
The European Economic Community was created in 1957 by:
a. France, the United Kingdom, Italy, Belgium, the Netherlands, and Luxembourg. b. France, West Germany, Italy, Belgium, the Netherlands, and Luxemburg. c. France, West Germany, Italy, Belgium, the Netherlands, and the United Kingdom. d. France, West Germany, Italy, the United Kingdom, Belgium, the Netherlands, and Luxembourg. e. France, West Germany, Italy, Belgium, the United Kingdom, and Luxembourg.
Along a straight-line demand curve, elasticity:
A. rises as price rises. B. declines as price rises. C. is always zero. D. is equal to slope.
Cost curves shift if i. technology changes. ii. the prices of factors of production change. iii. productivity changes
A) only i B) i and iii C) only ii D) i and ii E) i, ii, and iii