Which is true of pure competition but not of monopolistic competition?
A. There are no significant barriers to entry
B. Long-run economic profits are zero
C. There are a large number of firms in the market
D. Long-run equilibrium occurs at the minimum point on the ATC curve
D. Long-run equilibrium occurs at the minimum point on the ATC curve
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The marginal cost curve is U-shaped. Over the range of output for which the marginal cost is falling as output increases, the marginal product is
A) increasing. B) decreasing. C) constant. D) probably changing, but there is no stable relationship between the marginal cost and the marginal product. E) not defined.
"Pricing-to-market" is a business practice that was common in the twentieth century, but has now all but disappeared
Indicate whether the statement is true or false