For a profit-maximizing monopolistically competitive firm, marginal revenue exceeds marginal cost in
a. the short run but not in the long run.
b. the long run but not in the short run.
c. both the short run and the long run.
d. neither the short run nor the long run.
d
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Which of the following is an accurate list, in order, of the steps of the scientific process?
a. define variables; state assumptions; form a hypothesis; test b. state assumptions; define variables; form a hypothesis; test c. identify variables; state assumptions; test; form a hypothesis d. identify variables; form "other things equal" assumptions; form behavioral assumptions; test e. form "other things equal" assumptions; form behavioral assumptions; form hypothesis; test
Between 1982 and 2002, U.S. GDP per capita grew at an average rate of 5.5 percent per year
a. True b. False Indicate whether the statement is true or false
If those who consumed common resources were subject to a tax that was equal to the external costs that they imposed due to the negative externality created:
A. an efficient level would be reached. B. total surplus would be maximized for the whole society. C. individuals would consume less. D. All of these statements are true.
When changes in the supply of money are implemented, it makes interest rates change in the _____ direction as the shift in the money supply curve and makes aggregate demand change in the _____ direction as the shift in the money supply curve. a. Same; same
b. Same; opposite. c. opposite; same. d. Opposite; opposite.