When a profit-maximizing firm in a monopolistically competitive market is in long-run equilibrium, marginal cost must lie below average total cost
a. True
b. False
Indicate whether the statement is true or false
True
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What is true of marginal cost when marginal returns are increasing?
a. It is negative and increasing. b. It is negative and decreasing. c. It is positive and increasing. d. It is positive and decreasing. e. It is positive and has a constant slope.
The fact that resources tend to be specialized is one reason the production possibilities frontier is drawn
a. bowed outward. b. bowed inward. c. as a straight line (but not horizontal). d. as a horizontal straight line.
Which of the following countries have the highest per person income levels?
a. Argentina, Brazil, and Mexico b. China and India c. France and Germany d. Ireland, Norway, and the United States
What are the major economic effects of rent ceilings?
What will be an ideal response?