In long-run equilibrium for the monopolistically competitive firm, the equilibrium point
a. at the highest part
b. close to the highest part
c. at the lowest part
d. close to the lowest part
d. close to the lowest part
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The market-clearing price is:
a. the price at which the market is in equilibrium. b. the price at which mutually beneficial trade take place. c. the price at which sellers earn the maximum profit. d. the price at which consumer surplus is zero.
Other things the same, an increase in the price level makes the dollars people hold worth
a. more, so they can buy more. b. more, so they can buy less. c. less, so they can buy more. d. less, so they can buy less.
As the number of firms in an oligopoly grows, the industry approaches a level of output ________ the competitive level and ________ the monopoly level.
a. more than, less than b. less than, equal to c. less than, more than d. equal to, more than
Which of the following will have the smallest dollar value?
A. net domestic product B. personal income C. disposable personal income D. national income