Society definitely benefits by reducing the number of monopolistically competitive firms
a. True
b. False
Indicate whether the statement is true or false
False
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Life insurance companies are regulated by state governments because
A) they have never experienced bankruptcy. B) they have never experienced profitability. C) they have never experienced widespread failures. D) they hold only highly liquid assets.
When producers would have been willing to accept lower prices at various quantities produced than the market clearing price, the differences are called
A) producer surplus. B) monopoly profits. C) opportunity cost. D) deadweight loss.
Assume x and y are the only two goods a person consumes. If after a rise in pX the quantity demanded of y increases, one could say:
a. the income effect dominates the substitution effect. b. the substitution effect dominates the income effect. c. it is still impossible to determine whether the substitution or income effect dominates. d. none of the answers is correct.
A monopolistic competitor can expect to earn an economic profit in the long run.
Answer the following statement true (T) or false (F)