Which of the following statements about a monopolistically competitive firm is FALSE?
A) It tries to differentiate its product from that of competitors.
B) It may earn short-run economic profits.
C) It produces the quantity at which MC=MR.
D) It sets price like a perfectly competitive firm.
D
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We all know that the United States has the highest per capita health care spending in the world. Which country has the second highest?
a. Germany b. Japan c. France d. Switzerland e. Canada
The production possibility frontiers of Northland and Southland are given. Without trade, Northland produces and consumes 20 apples and 5 bananas and Southland produces and consumes 10 apples and 40 bananas. Could they increase their consumption bundle by optimizing production and trading?NorthlandSouthlandApplesBananasApplesBananas300300205202015101040015060
A. Yes, they could gain 75 bananas and 60 apples. B. Yes, they could gain up to 60 apples without losing bananas. C. No, Southland does at least as well at producing both, so it would have no incentive to trade. D. Yes, they could gain up to 15 bananas without losing apples.
The Federal Open Market Committee (FOMC) is responsible for managing the nation's
A) domestic economic policy. B) international trade policy. C) money supply. D) gold and silver reserves. E) wage and retirement policies.
Refer to Figure 12-5. What is the minimum price the firm requires to produce output?
A) $20 B) $14 C) $5 D) It cannot be determined