Monopolistic competition and perfect competition are different in that
A) only monopolistically competitive firms advertise.
B) only monopolistically competitive firms can earn economic losses in the short-run.
C) only perfectly competitive firms maximize profits where marginal revenue equals marginal cost.
D) only perfectly competitive firms are characterized by long-run economic profits of zero.
A
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
The above table gives Sue's marginal utility schedules for sub sandwiches and Mountain Dew, the only products Sue consumes. Suppose initially the price of a sub sandwich is $4 each and the price of a Mountain Dew is $2 each. Sue's income is $12
If the price of subs rises to $6 each, Sue will consume A) more Mountain Dews. B) fewer subs. C) fewer Mountain Dews so that she can still afford to buy two subs. D) Both answers A and B are correct.
A ski resort will choose to remain open in the summer whenever its fixed costs are low enough
a. True b. False Indicate whether the statement is true or false
Those economists who view the AS curve as being vertical see more government tools capable of raising Real GDP than do the economists who view the AS curve as being upward-sloping
Indicate whether the statement is true or false