For the monopolistically competitive firm, in both the short run and the long run
A) the demand curve is inelastic.
B) price will exceed marginal cost.
C) there will be no economic profit.
D) production will be at minimum average cost.
Answer: B
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If 1 U.S. dollar exchanges for 3.98 Polish zlotys, how much would it cost in zloty to purchase a Ford Explorer priced at $23,000?
What will be an ideal response?
Related to the Economics in Practice on page 176: When there are only a few empty cabins on a large cruise ship, the marginal cost of adding extra passengers to occupy those cabins
A. is probably very low. B. will be negative. C. will primarily depend on the number of customers waiting to travel. D. is generally quite high.
Refer to the information provided in Table 3.1 below to answer the question(s) that follow. Table 3.1Price per PizzaQuantity Demanded (Pizzas per Month)Quantity Supplied (Pizzas per Month)$31,200 600 61,000 700 9 800 80012 600 90015 4001,000Refer to Table 3.1. In this market there will be an excess demand of 600 pizzas at a price of
A. $3. B. $6. C. $12. D. $15.
This statement is true. The Producer Price Index (PPI) is based on prices paid for supplies and inputs by producers of goods and services. The PPI in general has increase over time representing that the cost of living has increased over time.
a. Consumer Price Index b. Product Price Index c. Employment Cost Index d. Employment Price Index