The system of land tenure in which tenant farmers pay a fixed share of their crop to landowners is called
(a) communal farming.
(b) collective farming.
(c) latifundio-minifundio system.
(d) sharecropping.
D
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In the long run in monopolistic competition, firms
A) can earn an economic profit. B) incur an economic loss. C) can earn zero economic profit but not an economic profit. D) shut down if they are earning zero economic profit. E) earn either an economic profit or zero economic profit.
By 1937, when a new recession began in the midst of the Great Depression,
A) GDP had almost recovered to its 1929 level, but unemployment was still above the 1929 level. B) unemployment had almost fallen back to its 1929 level, but GDP had yet to recover to its 1929 level. C) neither GDP nor unemployment had returned to near their 1929 levels. D) both GDP and unemployment had returned to near their 1929 levels.
If the long-run supply curve slopes upward, we know that this is
A) a decreasing-cost industry. B) a constant-cost industry. C) an increasing-cost industry. D) a situation in which no input prices change as firms enter and exit the industry.
Exhibit 10-3 A monopolistic competitive firm in the long run
To maximize long-run profits, the monopolistically competitive firm shown in Exhibit 10-3 will charge a price per unit of:
A. zero. B. $10 C. $20. D. $30.