The long-run equilibrium for a monopolistically competitive firm is efficient because its profits equal zero in the long run.
Answer the following statement true (T) or false (F)
False
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Refer to Scenario 17.3. If the fire protection program were not in place, the insurer would not be willing to ensure the warehouse for any amount less than
A) $80. B) $300. C) $3,000. D) $6,000. E) $300,000.
For any competitive labor market, what change would have to occur to cause the labor supply to decrease and shift the supply curve left?
A. Opportunity cost of work increases B. None of these statements is true. C. Number of workers increases D. Number of firms increases
Marginal revenue product equals marginal revenue times the price of output.
Answer the following statement true (T) or false (F)
In 1990-1991, the government budget deficit ________ mainly due to the ________
A) rose, recession's effect on tax collection B) rose, expenditures of the Persian Gulf War C) fell, recession's effect on government expenditures D) fell, economic stimulus provided by the Persian Gulf War