Monopolistic competition and perfect competition are different in that monopolistically competitive firms:
a. cannot earn profits in the short run
b. face firm demand curves that are less elastic than perfectly competitive firms.
c. face substantial barriers to entry.
d. earn economic profits in the long run.
b
Economics
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Which of the following is(are) the effect(s) of an international trade agreement that provides an incentive and reward for nations NOT to impose tariffs?
I. an increase in world welfare and standard of living II. an opportunity for low-income nations to exploit the gains from trade. III. an opportunity for large countries to improve their terms of trade a. I b. I and II c. I and III d. I, II, and III
Economics
Denny buys a rare coin for $200 and sells the coin one year later for $220. Denny's rate of return is:
A. 10 percent. B. 20 percent. C. 91 percent. D. 110 percent.
Economics