A monopolistically competitive firm differs from a perfectly competitive firm in the long run in that
A) the demand curve faced by a monopolistically competitive firm is downward sloping, while the demand curve faced by a perfectly competitive firm is horizontal.
B) profits are positive for a monopolistically competitive firm and zero for a perfectly competitive firm.
C) profits are zero for a monopolistically competitive firm and positive for a perfectly competitive firm.
D) marginal cost equals the market price for a monopolistically competitive firm but not for a perfectly competitive firm.
A
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
The U.S. economy is experiencing rising output, rising employment, rising incomes and falling unemployment. These conditions best describe a business cycle
A) expansion. B) peak. C) trend. D) recession. E) trough.
When comparing industries, a monopolistically competitive industry is less competitive than an oligopoly
a. True b. False Indicate whether the statement is true or false
Which of the following demographic groups in the U.S. has the highest unemployment rates?
A. college graduates B. white working-age people C. African-American teenage males D. all working-age people with a high school diploma but no college