Profits for the monopolistically competitive firm depicted in Figure 8.1:
A. will increase in the long run.
B. will not change in the long run.
C. will decrease in the long run.
D. are impossible to predict in the long run.
Answer: C
Economics
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The official definition of poverty is
A) exactly the 12 percent of U.S. residents with the lowest incomes. B) exactly the 20 percent of U.S. residents with the lowest incomes. C) an absolute measure. D) a relative measure.
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Other things being equal, a ____ supply of workers tends to ____ real wages
a. larger; decrease b. smaller; decrease c. larger; increase d. smaller; not change
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