The above figure shows a monopolistically competitive firm. The figure
A) is only a short-run illustration because the firm is making an economic profit.
B) could be either a short-run or long-run illustration because monopolistically competitive firms can make an economic profit in the long-run.
C) is only a long-run illustration because the firm is making zero economic profit.
D) is neither a short- nor a long-run illustration.
A
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A rise in the U.S. price level brings a ________ in the price of U.S. exports relative to imports that ________ exports of U.S. goods, bringing ________ in the quantity of U.S. real GDP demanded
A) fall; increases; an increase B) rise; decreases; a decrease C) fall; decreases; a decrease D) rise; increases; a decrease E) rise; increases; an increase
Many car owners and car dealers describe their different cars for sale in the local newspapers and list their asking price. Many people shopping for a used car consider the different choices listed in the paper
The market for used cars could be described as A) relatively competitive. B) perfectly competitive. C) non-competitive. D) having high transaction costs.
Which round of GATT first addressed subsidies?
What will be an ideal response?
How does the government carry out income redistribution?
What will be an ideal response?