All of the following are true for both competition and monopolistic competition in the long run, except one of them. Which is it?
a. P = MC
b. P = AC
c. Economic profits become zero in the long-run
d. The barriers to entry and exit are relatively easy
e. None of the above is an exception
a
You might also like to view...
If at its current production level, a perfectly competitive firm's marginal revenue and long-run marginal cost are equal to $1.50 and its long-run average cost is $1.50, which of the following statements is true?
A) The firm should expect the market price of its product to fall. B) The firm should expect to earn positive economic profit indefinitely. C) The firm should expect the market price of its product to increase. D) The firm is earning zero economic profit.
The U.S. government deficit as a percentage of GDP was much larger during World War II than it was in the 1980s and 1990s
a. True b. False Indicate whether the statement is true or false
The ________ combination of goods is the combination that yields the highest total utility given a consumer's income.
A. economical B. affordable C. optimal D. utility satiating
When a supervisor believes that all employees like work it is called
a. theory y b. theory x c. hawthorne effect d. tqm