Average total cost is minimized in long-run equilibrium for a monopolistically competitive firm.
Answer the following statement true (T) or false (F)
False
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The most competitive industry of those presented in the above table is likely to be industry
A) W. B) X. C) Y. D) Z.
Many modern economists
a. combine Keynesian short run and neoclassical long-run theories to understand the economy. b. use only Keynesian theories to understand the economy. c. use only neoclassical theories to understand the economy. d. use Rational and Adaptive Expectation theories to understand the economy.
To say that the relationship between the velocity of money and the opportunity cost of holding money is not stable is the same as saying:
A. money demand is not stable. B. the supply of money is not stable. C. the money market is always in disequilibrium. D. money demand is stable.
Ginger and Maryann are lost in the jungle, where the only things to eat are mangoes and fish. Ginger can gather more mangoes per hour than Maryann and can also catch more fish per hour than can Maryann. Therefore:
A. Maryann should specialize in the activity for which she has a comparative advantage. B. Ginger should specialize in the activity for which she has an absolute advantage. C. there are no gains to specialization and trade for Maryann. D. there are no gains to specialization and trade for Ginger.