Unlike a perfectly competitive firm, a monopolistically competitive firm
a. faces a perfectly inelastic demand curve.
b. can earn positive economic profit in the short run and in the long run.
c. cannot earn positive economic profit even in the short run.
d. does not have the same marginal revenue at every output level.
d
You might also like to view...
Checking deposits are
A) not part of money. B) part of money. C) small in volume relative to currency in circulation. D) quite different from checking accounts.
The short-run aggregate supply curve: a. has the same slope as the LRAS
b. shifts only when the LRAS shifts in the same direction. c. normally slopes upward to the right because the costs of labor and other inputs are relatively fixed in the short run. d. normally has a slope of zero, meaning the curve is horizontal.
Which of the following pairs of goods would most likely exhibit a cross price elasticity of -1.8?
a. orange juice and grapefruit juice b. coffee and tea c. a bagel and cream cheese d. a van and a sport utility vehicle
Knowing that most people do not care to be outliers, one way to get people to behave a certain way is to:
A. let them know it is a social norm to behave that way. B. encourage the behavior of the majority. C. tell them everyone else does it. D. All of these statements are true.