A monopolistically competitive firm is similar to
A) a monopoly in the short run because it can make an economic profit in the short run and is similar to a perfectly competitive firm in the long run because it cannot make a positive economic profit.
B) a perfectly competitive firm in the short run because it cannot make an economic profit in the short run and is similar to a monopoly in the long run because it can make an economic profit.
C) a monopoly because it can make an economic profit in both the short run and long run.
D) a perfectly competitive firm because its economic profit is equal to zero in both the short run and long run.
A
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We measure economic growth by the percentage change in real GDP. In general terms outline the course of the U.S. output growth rate in recent decades, both in terms of its trend and its changes around trend
Pay particular attention to the stability of the growth rate.
Unemployed U.S. residents who are, in effect, merely searching for work between jobs, are defined as
A) frictionally unemployed. B) structurally unemployed. C) cyclically unemployed. D) seasonally unemployed.
Which of the following statements is true?
a. There is no single correct strategy for economic growth and development. b. In general, GDP per capita is highly correlated with alternative quality of life measures. c. The World Bank is affiliated with the United Nations and makes long-term low-interest loans to LDCs. d. All of these.
David and Asher buy the same pair of sneakers, but each in the wrong size. David proposes a size swap with Asher. This is an example of a. barter, since the sneakers in the correct size represent a medium of exchange
b. barter, since the sneakers in the correct size have intrinsic value to both David and Asher. c. money, since the sneakers in the correct size do not have any intrinsic value. d. money, since the sneakers in the correct size represent a medium of exchange.