Appreciation of the U.S. dollar will ________ exports and ________ imports, other things equal

What condition may provide for a relatively small degree of inefficiency under monopolistic competition?

A) There is a single seller and no product differentiation. B) The marginal cost of production is less than the market price. C) The demand curve is relatively elastic so that the price is near the long-run minimum average cost. D) There is only one buyer in the market.

If the price of a good is below the shutdown point, a perfectly competitive firm earns zero profits

a. True b. False Indicate whether the statement is true or false