Which of the following is generally true of a monopolistic competitor operating in the long run?
a. price greater than minimum average total cost
b. price equal to marginal revenue
c. price equal to marginal cost
d. positive economic profits
a
Economics
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If a local government collects taxes of $500,000, has $350,000 of government consumption expenditures, makes transfer payments of $100,000, and has no interest payments or investment, its budget would
A) show a surplus of $150,000. B) show a surplus of $50,000. C) be in balance with neither a surplus nor a deficit. D) show a deficit of $50,000.
Economics
In a barter system, we would expect to see
A) many different units of money. B) money and goods exchanged for each other. C) wide-spread financial institutions. D) goods traded directly for other goods and services.
Economics