If firms in a monopolistically competitive industry experience short-run losses
A) some firms would like to exit the industry but find they cannot.
B) firms increase prices further, until they make at least a normal return.
C) firms increase advertising spending to increase demand, until they make at least a normal return.
D) some firms exit the industry, causing the demand curves for the remaining firms to shift to the right until they earn a normal profit.
D
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A consumer could screen the quality of a pizza joint by
A) asking friends. B) using online rating sites. C) watching the chef prepare the pizza. D) All of the above.
In the wireless communication industry, firms that provide broadband access to the Internet are best regarded as
A) platforms in a shared-input market. B) end users in a shared-input market. C) platforms in a matchmaking market. D) end users in a matchmaking market.