In the long run, the representative firm in monopolistic competition tends to have:
A. Excess capacity
B. Economic profits
C. No product differentiation
D. A perfectly elastic demand curve
A. Excess capacity
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Repeated games can lead to tacit collusion.
Answer the following statement true (T) or false (F)
Nominal personal consumption expenditures in the United States were $1760.4 billion in 1980 and rose to $3839.3 billion in 1990. The price index for personal consumption expenditures was 58.5 for 1980 and 92.9 for 1990, where 1992 was the base year
Calculate the percent change in real personal consumption expenditures (rounded to the nearest percentage point) in the decade. A) 37% B) 59% C) 118% D) 137%
To address the shortage of physicians on the horizon, it will be necessary to
a. build more medical schools. b. provide more grants and scholarships for medical education. c. allow the admission of more foreign-educated physicians. d. all of these are true.
The AFC curve
A. is a horizontal line. B. is the same as the total fixed cost curve. C. is U-shaped. D. always slopes downward.