In the long run, firms in markets that are ________ earn zero economic profits
A) perfectly competitive
B) monopolistically competitive
C) monopolies
D) Both A and B
D
You might also like to view...
The supply of loanable funds is equal to the supply of saving in the economy. The three sources of saving in an economy include all of the following except
A) households. B) businesses. C) the government. D) the foreign sector.
The three central questions for efficient organizational design include all EXCEPT a. does the decision maker have the relevant information?
b. is the decision maker in a supervisory role? c. who is making the decision? d. does the decision maker have an incentive to make a good decision?
Would a profit-maximizing firm sell at a price where demand is inelastic? Explain
The self-interest of the participants in an economy is guided into promoting general economic self-interest by
a. the invisible hand. b. market power. c. government intervention. d. oikonomos.