In the long run, monopolistically competitive firms earn zero economic profits because
a. each firm produces a small share of total market output
b. each firm produces a standardized product
c. firms do not equate marginal cost and marginal revenue in the long run
d. there is only one seller in the market
e. entry of new firms eliminate profits
E
Economics
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When the inflation rate rises, the purchasing power of nominal income:
a. remains unchanged. b. decreases. c. increases. d. changes by the inflation rate minus one.
Economics
Which one of the factors of production originates as an output from the production process, and is subsequently used as an input into the production process?
Economics