In the long run the monopolistic competitor ________ at peak efficiency and the perfect competitor ________ at peak efficiency.
A. operates; operates
B. operates; does not operate
C. does not operate; operates
D. does not operate; does not operate
C. does not operate; operates
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The above figure shows an individual's demand curve for time per month spent telecommunicating while driving (talking on the car phone.) A car phone is useless except for talking with somebody who is not in the car
If calls are priced at ten cents per minute, what is the consumer surplus derived from talking? What is the most this person would pay for the car phone? Explain.
Monopolistic competition is different from perfect competition in that every manufacturer
a. has a small monopoly, and differentiates the product. b. takes the product quality as given, and chooses price. c. takes output level as given, but must choose price. d. differentiates product, but cannot advertise successfully.
A commercial bank can receive a loan from another commercial bank in the
A) federal funds market. B) bank loan market. C) Fed market. D) discount market.
Suppose 80% of U.S. trade is with England and the rest is with Japan. If the dollar rises by 10% against the pound and rises by 20% against the yen, what is the percentage change in the effective exchange rate of the United States?
a. -16% b. -12% c. -8% d. -4%