Monopolistic competition is an
a. efficient market structure because long-run profits are zero.
b. efficient market structure because each firm produces at its efficient scale.
c. inefficient market structure because there is deadweight loss.
d. Both a and b are correct.
c
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Reciprocity means:
A. responding to another's actions with a similar action. B. deriving utility from an action that will cause another's utility to increase. C. doing good things for people and asking nothing in return. D. deriving utility from the action of a stranger.
A higher interest rate makes _____ more attractive. Therefore the quantity of loanable funds supplied increases
Fill in the blank(s) with correct word
today, the cash price for corn (delivery october) in nevada, ia is $3.30/bu and the cash price for corn is $3.24/bu in grinnell, ia. if a producer calculated that $0.08/bu was the amount that it would cost to cover all transportation and handling costs for shipping corn from grinnell to nevada, a farmer located near granola would:
a) sell corn in grinnell b) pay transport costs and sell corn in nevada
A labor contract provides for a first-year wage of $15 per hour, and specifies that the real wage will rise by 2 percent in the second year of the contract. The CPI is 1.00 in the first year and 1.09 in the second year. What dollar wage must be paid in the second year?
A. $15.30 B. $16.68 C. $16.09 D. $16.45