In long?run equilibrium for a monopolistically competitive firm, the firm's demand curve is ________ its average total cost curve.
A. above
B. below
C. just tangent to
D. either above or below
Answer: C
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Which of the following is NOT a basis for the Taylor-rule guideline for how the Federal Reserve should set its target value for the federal funds rate?
A) the current deviation of the actual inflation rate from the Fed's inflation objective B) the gap between actual real GDP and a measure of potential real GDP C) an estimated long-run real interest rate D) the present deviation of the actual unemployment rate from the Fed's unemployment objective
If the money supply is $500 and nominal income is $3,000, the velocity of money is
A) 1/60. B) 1/6. C) 6. D) 60.
Which statement is false?
A. During the 19th century the main cash crops grown in the South were cotton, rice, sugar, and tobacco. B. The only real economic conflict between the North and the South before the Civil War was over slavery. C. It took most parts of the South about a century to recover economically from the effects of the Civil War. D. Southern agriculture developed very differently from agriculture in other regions of the nation.
Suppose that the table shown shows the demand and supply schedules for pork bellies. There is a shortage of 15,000 pounds at a price of:Price($/lb.)Quantity demanded (lbs.)Quantity Supplied (lbs.)$0.1030,0005,000$0.2025,00010,000$0.5020,00020,000$0.7515,00030,000$0.955,00040,000
A. $0.50. B. $0.95. C. $0.75. D. $0.25.