Long-run economic profits would most likely exist in which market structure?
A) monopoly, monopolistic competition, and oligopoly
B) monopoly and oligopoly
C) monopoly and monopolistic competition
D) monopoly only
Answer: B
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A rational consumer maximizes utility by allocating time such that the expected net marginal utility of the last hour spent in leisure exceeds the expected net marginal utility of the last hour spent in market work
Indicate whether the statement is true or false
A shift from LRAS1 to LRAS2 in Figure 17.6 indicates that
A. The price level has increased. B. The capacity of the economy has increased. C. LRAS has decreased. D. Aggregate demand has decreased.
In Figure 1.6, if the opportunity cost of producing cars was zero at all levels of production, the production possibilities curve would be best be represented by a
A. Circle. B. 45-degree line starting at the origin. C. Vertical line. D. Horizontal line.
Macroeconomics deals with
A. decisions made by firms. B. only large households in a country. C. specific sectors within the economy. D. aggregates within the economy.