Under monopolistic competition, firms produce ________ products and have long-run profits that are ________ (net of fixed costs).
A. differentiated; positive
B. differentiated; close to zero
C. homogenous; positive
D. homogenous; close to zero
B. differentiated; close to zero
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Money as defined by M1 includes
A. coins. B. paper money. C. checking deposits. D. travelers’ checks. E. All of these responses are correct.
A weakness that could be noted about the unemployment rate is that it
A) does not account for the underutilization of workers. B) considers marginally attached workers as unemployed. C) overestimates the number of part-time workers. D) does not count part-time workers. E) counts discouraged workers as employed.
A bank that maintains high NSF fees might also have relatively __________ loan rates, both part of a strategy to attract __________-than-average borrowers
A) low; safer B) low; riskier C) high; safer D) high; riskier
In the long run, a monopolistically competitive firm will find
a. its demand curve shifting until price equals average total cost b. its cost curve shifting until price equals average total cost c. its demand curve shifting until marginal revenue equals marginal cost d. its cost curve shifting until marginal revenue equals marginal cost e. no changes in its demand or cost curves if it is earning an economic profit