In long-run equilibrium, each monopolistically competitive firm can earn positive economic profits due to economies of scale
a. True
b. False
Indicate whether the statement is true or false
False
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Which is always TRUE at a firm's profit-maximizing rate of production?
A) Total Revenue = Total Costs B) The total revenue curve lies below the total cost curve. C) Marginal Revenue > Marginal Cost D) Marginal Revenue = Marginal Cost
Carl's Computer Center sells computers to business firms. Businesses then use the computers to produce other goods and services. Over the past year,
sales representatives were paid $3.5 million, $0.5 million went for rent on the building, $0.5 million went for taxes, $0.5 million was profit for Carl, and $10 million was paid for computers at the wholesale level. What was the firm's total contribution to GDP?
Item weight is the
A. Percentage of total expenditure spent on a particular product. B. Measure of how much consumers demand a particular item. C. Significance placed on a particular item by the wealthiest households. D. Physical weight of a good or service.
Exhibit 15-5 Balance sheet of Tucker National Bank Assets Liabilities Required reserves$ Checkable deposits$100,000 Excess reserves5,000 Loans 70,000 Total$100,000 Total$100,000 If all banks in the system shown in Exhibit 15-5 were identical to Tucker National Bank, the money multiplier for the system would be:
A. 4. B. 5. C. 10. D. 25.