For a profit-maximizing monopolistically competitive firm, for the last unit sold, the marginal cost of production is less than the marginal benefit received by a customer from the purchase of that unit

If property rights are not clearly defined and enforced, then

A) incentives for specialization based on comparative advantage are weakened. B) some potential gains from specialization and trade are lost. C) resources are devoted to protecting possessions rather than to production. D) All of the above answers are correct.

Being a price taker, a perfectly competitive firm cannot receive a producer surplus in the short run

Indicate whether the statement is true or false