Which of the following is TRUE for a profit maximizing monopolist?
A) Marginal cost is always less than average total cost.
B) In the long run, the firm's economic profit equals zero.
C) In the short run, the firm will shut down if its marginal cost is less than its average variable cost.
D) In the short run, the firm can make an economic profit even if its marginal cost is less than its average variable cost.
D
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U.s. gdp
a. includes production of foreigners working in the U.S. and production by U.S. residents working in foreign countries. b. includes production of foreigners working in the U.S. but excludes production by U.S. residents working in foreign countries. c. excludes production of foreigners working in the U.S. but includes production by U.S. residents working in foreign countries. d. excludes production of foreigners working in the U.S. and production by U.S. residents working in foreign countries.
In order for product differentiation to take place
A. there must be physical differences among the products. B. there cannot physical differences among the products. C. there may or may not be physical differences among the products.