In equilibrium under monopolistic competition:
a. firms always earn profits in the short run
b. firms always suffer losses in the short run.
c. output is at the socially efficient level in the long run.
d. marginal revenue is less than price.
d
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What factors have slowed down the movement to a system where all payments are made electronically?
What will be an ideal response?
The comparative advantage of the South was in
(a) small farms producing for the local market. (b) plantation agriculture producing for export. (c) manufacturing. (d) shipbuilding and trades related to shipbuilding.
For a firm in a perfectly competitive market, if it produces where marginal cost exceeds marginal revenue it:
A. should cut back production to increase profits. B. should increase production to increase profits. C. is producing a profit-maximizing quantity. D. is impossible to tell if it is actually maximizing profits.
The unemployment rate that many economists believe represents full employment is
a. 0 percent. b. 0-4 percent. c. 4-6 percent. d. 6-8 percent. e. 8-10 percent