In a monopolistically competitive industry
A) firms can make an economic profit in the long run because of barriers to entry.
B) the firms can never make an economic profit.
C) if firms are making an economic profit, new firms enter the industry.
D) firms can make an economic profit in the long run because of product differentiation.
C
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If both real GDP and nominal GDP of a country increased at the same rate in a particular year, which of the following is most likely to have taken place?
a. Output increased and the price level increased b. Output increased and the price level decreased c. Output decreased and the price level increased d. Output decreased and the price level decreased e. Output increased and the price level remained constant
Government spending programs that create jobs are often popular because
What will be an ideal response?