Which of the following is uncharacteristic of monopolistic competition in the long run?
a. firms selling heterogeneous products
b. zero economic profits
c. price in excess of marginal revenue
d. equilibrium on the increasing portion of the average total cost curve
d
You might also like to view...
In an assurance game, each Nash equilibria offer identical payouts to any particular player
Indicate whether the statement is true or false
What is the term that describes a situation in which one party to an economic transaction has less information than the other party?
A) monopsony B) asymmetric information C) inefficient market hypothesis D) unequal market structure
Suppose the price of eggs decreases from $2 per egg to $1.50 per egg. Due to this decrease in price, the ____ will increase
a. producer surplus b. consumer surplus c. opportunity cost of producing an egg d. social marginal cost
U.S. dollars are an example of commodity money and hides used to make trades are an example of fiat money
a. True b. False Indicate whether the statement is true or false