In the long run, entry ensures that the typical monopolistically competitive firm will
a. produce at minimum efficient scale
b. earn an economic profit
c. earn a normal profit
d. price its output at marginal cost
e. standardize its product
C
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An increase in the demand for labor means that
A) the demand for labor increases as a result of an increase in the real wage rate. B) the demand for labor increases at any real wage rate. C) the supply of labor must also be increasing. D) the demand for labor increases as a result of a decrease in the real wage rate.
An asset is anything of value owned by a person or firm
Indicate whether the statement is true or false
A medical doctor who works for a state -owned hospital in Greece ________ a government official and a U.S. firm bribing the doctor ________ illegal under the Foreign Corrupt Practice Act (FCPA).
A) is; is B) is not; is C) is; is not D) is not; is no
According to the Taylor rule, the Fed will set the federal funds rate target based on which of the following?
A) an estimated long-run real interest rate B) the current deviation of the actual inflation rate from the Fed's inflation objective C) the proportionate gap between actual real GDP and a measure of potential real GDP D) all of the above