Exit of existing firms will occur in a monopolistic competitive industry until:
A. marginal cost equals zero.
B. marginal revenue equals zero.
C. marginal revenue equals marginal cost.
D. economic profit equals zero.
Answer: D
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The above table gives techniques Jitters Coffee Company can use to package 5,000 pounds of coffee. Which technique(s) is (are) technologically inefficient?
A) A B) C C) B and C D) B, C, and D
A monopolistically competitive firm will always choose to produce where
A) marginal revenue equals marginal cost. B) marginal cost meets the demand curve. C) average total cost meets the demand curve. D) average total cost is minimized.
The short-run aggregate supply curve shows a positive relationship between the price level and real GDP
Indicate whether the statement is true or false
As a percentage of GDP, exports are greater than imports for which of the following countries?
A) France B) China C) the United Kingdom D) the United States