In the long run, a firm in monopolistic competition will
A) make a negative economic profit, that is, an economic loss.
B) make zero economic profit, that is, a normal profit.
C) make a positive economic profit.
D) None of the above answers is necessarily correct because the amount of the profit or loss depends on the slope of the demand curve.
B
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A free-trade area is:
a. a group of countries that agrees there will be "no rules" about trade—anything goes. b. a group of countries that agrees to eliminate customs fees and containerized shipping charges on goods traded among them. c. a group of countries that agrees to eliminate barriers to trade between themselves while keeping tariffs in place against the rest of the world. d. a group of countries that eliminates trade barriers among themselves and erects a common tariff against all other nations
Which investment bank avoided bankruptcy by being purchased by JP Morgan Chase in March 2008?
A) Morgan Stanley B) Lehman Brothers C) Bear Stearns D) Merrill Lynch