The last year we did not have a deficit in our current account was
A. 1960.
B. 1973.
C. 1986.
D. 1991.
D. 1991.
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An industry can be defined as
A. a group of firms that compete to sell a specific product. B. any company that produces and sells products. C. the set of buyers of a particular good or service. D. the top companies that sell a product.
Limits on the number of broadcast television stations or AM and FM radio stations one owner could own were eliminated by the Telecommunications Act of 1996
Indicate whether the statement is true or false
An important difference between the situation faced by a profit-maximizing monopolistically competitive firm in the short run and the situation faced by that same firm in the long run is that in the short run,
a. price may exceed marginal revenue, but in the long run, price equals marginal revenue. b. price may exceed marginal cost, but in the long run, price equals marginal cost. c. price may exceed average total cost, but in the long run, price equals average total cost. d. there are many firms in the market, but in the long run, there are only a few firms in the market.
In the long run when a perfectly competitive firm experiences positive economic profits
A) firms exit the industry, the market supply curve shifts rightward, and the market price falls. B) firms enter the industry, the market supply curve shifts rightward, and the market price falls. C) firms exit the industry, the market supply curve shifts leftward, and the market price rises. D) firms enter the industry, the market supply curve shifts rightward, and the market price rises.