Which statement is true?
A. The monopolistic competitor breaks even in the long run.
B. The monopolistic competitor operates at an output that is less than peak efficiency.
C. The monopolistic competitor has a small influence on price because its products are differentiated.
D. All of the choices are true.
D. All of the choices are true.
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A decrease in the demand for a good generally implies that:
a. consumers are willing to buy larger quantities of the good at each price. b. the demand curve for the good has shifted to the right. c. consumers are willing to pay a higher price for each unit of the good. d. the demand curve for the good has become steeper. e. the demand curve for the good has shifted to the left.
A recession occurs and people's incomes decrease. Knowing that an iPad is a normal good, you predict that the demand for an iPad
A) increases. B) decreases. C) might increase or decrease. D) remains unchanged.
Which of the following is most frequently used when the Fed is attempting to adjust the money supply?
a. Changing reserve requirements b. Open market operations c. Changing the discount rate d. Moral suasion
Government ownership of monopoly industries is termed
a. economic regulation b. antitrust c. nationalization d. creative destruction e. rule of reason