In long-run equilibrium for a monopolistically competitive industry,
A. all firms suffer losses.
B. all firms break even.
C. firms can earn a profit, suffer a loss, or break even.
D. all firms earn a profit.
Answer: B
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Ceteris paribus, when resource prices increase, demand decrease and the prince increase.
a. true b. false
Except for World War II, the U.S. deficits from 2009 to 2012 were the largest deficits in the nation's history relative to GDP, even larger than during the Great Depression
a. True b. False Indicate whether the statement is true or false
Arguably the most damaging economic consequence of inflation is:
A. high prices. B. the uncertainty it can create. C. the adjustment of sticky wages. D. the erosion of value of real assets.
Differences in interest rates for different type of loans are due to:
A. the amount of the loan. B. the length of time the borrower has to repay the loan. C. government policy. D. exchange rate