A monopolistic competitive firm:
a. will always earn monopoly profits.
b. will never earn monopoly profits.
c. may earn monopoly profits in the short run.
d. may earn monopoly profits in the long run.
Ans: c. may earn monopoly profits in the short run.
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The marginal product of a country's workers increases during summer due to the pleasant weather. Which of the following is likely to happen in this case, assuming all else equal?
A) The country's labor demand curve will shift to the left in summer. B) There will be a downward movement along the labor demand curve. C) There will be an upward movement along the labor demand curve. D) The country's labor demand curve will shift to the right in summer.
The figure above shows the market for coffee. If the efficient quantity of coffee is produced, the producer surplus is
A) $10 million. B) $20 million. C) $60 million. D) zero.
All of the Newly Industrializing Economies are in East Asia
Indicate whether the statement is true or false
The term laissez faire can be translated
a. "leave it alone" b. "make it equitable (fair)" c. "take an active role" d. "markets work" e. "free of problems"