What characteristic is common to perfect competition, monopolistic competition, and monopoly?
a. free entry and exit
b. zero economic profit in the long run
c. firms treat the market price as given
d. firms maximize profits by producing where MR = MC
e. small number of buyers relative to the number of sellers
D
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Refer to the above figure. Production at Point E
A) would indicate that this economy is producing beyond its capabilities. B) would indicate production at a level below that which is attainable. C) is not attainable with given resources and technology. D) would demonstrate a total lack of technical expertise.
Wayne purchased 10 autographed Eli Manning football cards when he was 15 years old for a total cost of $50 and then sold those football cards 4 years later for $800. Due to these transactions
A. Wayne earned a dividend of $800. B. Wayne earned a dividend of $750. C. Wayne earned a capital gain of $750. D. Wayne earned a capital gain of $800.