Refer to the information provided in Figure 15.2 below to answer the question(s) that follow. 
Figure 15.2 Refer to Figure 15.2. In this monopolistically competitive industry, in the long run
A. firms will suffer economic losses profits.
B. demand for the product will increase so that profits are increased.
C. product supply will decrease so prices will go up.
D. firms will enter until all firms break even economically.
Answer: D
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The statement "Managers with a college education earn $18 an hour while ski instructors who did not complete college earn $10" is
A) a political statement. B) a positive statement. C) a normative statement. D) an ethical statement.
Starting with a situation where there is a substantial budget deficit, when tax revenues grow faster than federal expenditures, the government will experience:
a. a balanced budget. b. an increasing national debt. c. a declining budget surplus. d. a declining budget deficit. e. an increasing budget deficit.