Which of the following is often the result of free entry into monopolistic competition?
a. Losses increase while profits decrease in the long run.
b. Losses are often magnified in the long run.
c. Profits are often eliminated in the long run.
d. Profits often increase in the long run.
c. Profits are often eliminated in the long run.
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An example of a short-run fixed factor of production is
A) capital equipment. B) labor. C) electricity. D) postage for mailing.
Points below a firm's total product curve are
A) both attainable and technologically efficient. B) neither attainable nor technologically efficient. C) attainable but not technologically efficient. D) technologically efficient but not attainable.
The first bankers were
A. goldsmiths. B. printers. C. storekeepers. D. innkeepers.
Joe's income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his marginal rate of transformation of food for shelter?
A) -5 B) -50 C) -.02 D) None of the above.