Monopolistically competitive firms face downward sloping residual demand curves because these firms

If the fixed costs are relatively small, a relatively good approximation to the correct transfer price is

a. average costs b. average fixed costs c. average variable costs d. the market price

Which of the following statements is true?

a. Economic profit equals accounting profit minus implicit costs. b. The short run is any period of time in which there is at least one fixed input. c. A fixed input is any resource for which the quantity cannot change during the period under consideration. d. In the long run there are no fixed costs. e. All of these.