In the long run, a monopolistically competitive firm acting according to the Chamberlin model
A. will operate at the minimum point of the marginal cost curve.
B. will earn positive economic profits.
C. will operate at the minimum point of the average cost curve.
D. will not operate at the minimum point of the average cost curve.
Answer: D
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A) Canada. B) Japan. C) the United Kingdom. D) the United States.
A perfect forecast of demand allows a profit-maximizing manager to produce where ________ marginal revenue is ________ the marginal cost.
A) expected; greater than B) actual; equal to C) actual; greater than D) expected; equal to
In the long run, which of the following would shift the long-run Phillips curve to the right?
a. an increase in the minimum wage b. an increase in government spending c. an increase in the money supply d. a decrease in the money supply
Which of the following is an example of a time-series data set?
A. average amount of labor employed at specific times of the day at a specific factory in 2010. B. amount of labor employed yearly in a specific factory from 1990 through 2010. C. amount of labor employed in each factory in the U.S. in 2010. D. All of the above are time-series data sets.