In the short run, for a firm in monopolistic competition
A) the firm's economic profit must equal zero.
B) marginal revenue exceeds marginal cost.
C) price exceeds marginal cost.
D) the firm is a price taker.
C
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Which of the following is TRUE?
A) Real and nominal values are not related. B) Real standards of living can increase without any positive economic growth. C) Real standards of living decrease with positive economic growth. D) Real growth rates fail to account for by price level changes.
All economic transactions involve only buyers and sellers; no third parties are involved
a. True b. False Indicate whether the statement is true or false
Which of the following correctly describes the condition that generates the equilibrium levels of price and aggregate output in the economy?
a. When the U.S. budget is balanced b. When aggregate quantity demanded is maximized c. When aggregate supply minus aggregate demand equals the price level d. When aggregate demand equals aggregate supply
the primary tasks required to conduct a successful cost effectiveness study are all of the following except:
a. identifying and measuring all relevant costs. b. ranking the alternatives in terms of overall costs. c. adequately measuring the effectiveness of the procedures evaluated. d. establishing the relevant alternative(s) for comparison. e. identifying the overall cost of a health condition on society