A profit-maximizing monopolistically competitive firm ________ MR = MC.
A. is completely efficient when
B. sells product at the price where
C. produces where
D. shuts down when
Answer: C
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Which of the following is uncharacteristic of monopolistic competition in the long run?
a. firms selling heterogeneous products b. zero economic profits c. price in excess of marginal revenue d. equilibrium on the increasing portion of the average total cost curve
A tax on buyers decreases demand
a. True b. False Indicate whether the statement is true or false
Which of the following is the best example of leisure?
a. Cynthia goes out for tea with an old friend. b. Bertrand wins $10,000 on an illegal bet. c. Constanza spends all day cleaning her basement. d. Jessie babysits for his neighbor.
Based on the information in the table, we can conclude that, in 1932, each of the following events occurred except: Currency held by public (in billions)Reserve-deposit ratioBank reserves (in billions)Money supply (in billions)December 1931$4.590.095$3.11$37.3December 1932$4.820.109$3.18$34.0
A. The Federal Reserve conducted open-market sales of U.S. government bonds. B. Banks were keeping more of their deposits in reserves, and making fewer loans. C. The Federal Reserve injected reserves into the banking system. D. The public increased the amount of currency it held.