An increase in immigration will lower the equilibrium wage, all else held constant
a. True
b. False
Indicate whether the statement is true or false
True
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Exhibit 9-3 A monopolistic competitive firm in the long run
?
To maximize long-run profits, the monopolistically competitive firm shown in Exhibit 9-3 will charge a price per unit of:
A. zero. B. $10 C. $20. D. $30.
In theory, in the long run, monopolistically competitive firms earns zero profits. However, in reality there are some ways by which a firm can avoid losing profits. Which of the following is one such way?
A) gradually increase the mark-up on the goods produced B) lower the price of its products to expand its market share C) identify new markets and develop products precisely for those markets D) find a market niche and keep it as narrow as possible so as to prevent other producers from entering this market segment
A market situation in which a large number of firms produce similar but not identical products is
A. monopolistic competition. B. a homogeneous market. C. competitive monopoly. D. a collusive market structure.
What is the elasticity of residual supply faced by the USA in the cashew juice market, where the market supply elasticity is 1, the elasticity of demand of the other countries is -2, and the U.S. imports 10% of the world's cashew juice production?
A) 14 B) 20 C) 28 D) 34