Which of the following is true about long-run profits for monopolistically competitive firms?
a. Monopolistically competitive firms always experience positive economic profits in the long run.
b. Monopolistically competitive firms always experience zero economic profits in the long run.
c. Monopolistically competitive firms always experience negative accounting profits in the long run.
d. Monopolistically competitive firms always experience positive accounting profits in the long run.
b
You might also like to view...
If a country's central bank does not intervene in the foreign exchange market, the country has
A) a crawling peg exchange rate policy. B) a fixed exchange rate policy. C) a flexible exchange rate policy. D) no exchange rate policy.
Compared to IACs, LDCs are often characterized by:
a. higher life expectancy. b. higher adult literacy rates. c. higher daily calorie supply. d. lower per capita energy consumption.