Monopolistically competitive industries are characterized by no barriers to entry.
Answer the following statement true (T) or false (F)
True
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The vertical distance between total cost curve and total variable cost curve is equal to
A) average fixed cost. B) total fixed cost. C) average variable cost. D) average total cost. E) marginal cost.
The U-pick berry market is perfectly competitive. Suppose that all U-pick blueberry farms have the same cost curves and all are making an economic profit. What happens as time passes? What is the long-run equilibrium outcome?
What will be an ideal response?
Unlimited liability means
a. a firm is always liable for damages when it is at fault b. if a firm is sued, it has enough insurance to pay the damages c. the owners are personally liable for all the debts of the firm d. a corporation is not held liable for the stockholders' errors e. a sole proprietor's own net worth cannot be used to pay debts
Suppose we observe that a firm's total revenue doesn't change when price and quantity change by the same percentage. Which of the following is a possible value of its price elasticity of demand?
A. 0 B. 0.5 C. 1 D. 2