If a monopolistically competitive firm breaks even, the firm is earning as much in this industry as it could in any other comparable industry
Indicate whether the statement is true or false
TRUE
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Which of the following is an assumption of the decision-making process followed by consumers to maximize utility?
A. Marginal utility always increases as more units of a good are consumed. B. The consumer's income increases as prices of goods increase. C. The consumer considers the prices of the products. D. The consumer oftentimes is not sure about her preferences.
If real GDP was 100 in 2015 and 104.4 in 2016, the growth rate of real GDP between 2015 and 2016 was:
A. 2.2 percent. B. 4.4 percent. C. 100 percent. D. 102.2 percent.
Profit-maximizing employment is the quantity of labor at which
A. marginal factor product is equal to product price. B. marginal revenue product is equal to marginal factor cost. C. marginal factor cost is equal to marginal revenue. D. marginal revenue product is equal to product price.
Dole Co operates in a monopolistically competitive market. Which of the following characterizes Dole Co's market?
A) Dole Co. supplies a small portion of the market's output. B) Dole Co.'s product is slightly different from its competitors. C) Dole Co. faced no barrier to entry when it decided to enter its market. D) All of the above describe Dole Co.'s market.