In long-run equilibrium for a monopolistically competitive firm, economic profit equals zero and thus the outcome is efficient.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Creditors require collateral in many cases, because
A. the loan is small. B. the borrower is a low risk. C. it helps offset the risks of lending the funds. D. none of these.
Who is most likely to benefit when the dollar appreciates against the euro?
A. U.S. buyers of foreign goods B. Foreign buyers of U.S. goods C. U.S. buyers of U.S. goods D. Foreign buyers of foreign goods
The difference between the price the seller receives for a good or service and the minimum price he would be willing to accept for that unit is called: a. the total gains from trading that unit. b. the gain in producer surplus
c. the gain in consumer surplus. d. the total surplus.
Which of the following is an example of government failure?
A. Inefficient incentives. B. Bureaucratic delays. C. Required use of pollution control technology that is obsolete. D. All of the choices are correct.