In the long run, a monopolistic competitor will produce to the point at which
A) average total costs are at the minimum of possible ATC.
B) average total costs are higher than the minimum of possible ATC.
C) resources are used at the lowest possible cost.
D) at the lowest possible price.
B
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When you use a credit card to pay your tuition,
A) you've used the credit card as money because it is a means of payment. B) the credit card is not money but is an ID card for an instant loan. C) the credit card is not money because it involves an electronic transaction. D) the credit card is not money because it is not officially issued by the government. E) you've used the credit card as money because you received something in return.
The difference between the value you place on a product and its market price is called
a. Consumer surplus b. Quantity demanded c. Demand d. None of the above
All decisions of the Fed are subject to approval by: a. the President of the United States. b. the U.S. Congress
c. the FDIC d. none of the above
When the economy is initially at full employment: a. contractionary monetary policy can result in increased real output, but only in the short run
b. contractionary monetary policy can result in increased real output in both the short run and long run. c. contractionary monetary policy can result in decreased real output, but only in the short run. d. contractionary monetary policy can result in decreased real output in both the short run and long run.