In the long run, monopolistically competitive firms have:
a. excess capacity.
b. positive profits.
c. minimal average costs.
d. homogeneous production.
a
You might also like to view...
A street light is a ________
A) private good B) public good C) common pool resource D) club good
The price at which an option may be exercised is called the
A) market price. B) equilibrium price. C) strike price. D) fixed price.
Property rights can be defined and enforced
a. only by the government b. only by ethical norms c. by the government and by ethical norms d. only through constant renegotiation e. by government, by informal social actions, and by ethical norms
A logging company is considering logging an area for a current cost of $500 per acre to obtain a profit the next year for $600 per acre. The market rate of interest is 10 percent. Should the company make the investment?
A. Yes, the future value of the profit is greater than the present value of the cost B. No, the future value of the profit is less than the present value of the cost C. Yes, the present value of the profit is greater than the present value of the cost D. No, the present value of the profit is less than the present value of the cost