If in monopolistic competition in the short run, firms make ________ profits, then in the long run, new firms will enter the market. The ________ each individual firm's product will ________
In the new long-run equilibrium firms will make ________ profit. A) economic; demand for; decrease; zero economic
B) normal; demand for; increase; zero economic
C) economic; supply of; decrease; an economic
D) economic; supply of; increase; zero economic
A
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Monopolistically competitive firms produce differentiated products
Indicate whether the statement is true or false
Colombia has an absolute advantage in
A. coffee and a comparative advantage in hot dogs.
B. neither coffee nor hot dogs, but a comparative advantage in hot dogs.
C. neither coffee nor hot dogs, but a comparative advantage in coffee.
D. neither coffee nor hot dogs, but a comparative advantage in both hot dogs and coffee.
The cost of lobbying for an import quota in a perfectly competitive market
A) increases the welfare loss of the quota. B) decreases the deadweight loss of the quota. C) shifts the supply curve of the good to the left. D) increases the consumer surplus.
Refer to the information provided in Table 21.8 below to answer the question(s) that follow. Table 21.8
Refer to Table 21.8. The value for GDP in billions of dollars is
A. 950. B. 1,030. C. 1,050. D. 1,110.