What is shown on a firm's income statement?

A monopolistically competitive firm has excess capacity because in the

A) short run its MR exceeds its MC. B) short run its ATC is less than its AVC. C) long run its ATC exceeds its minimum ATC. D) long run it makes an economic profit.

Potential buyers of older homes form their bids from imperfect estimates of a house's value As a consequence,

a. Lower quality houses are more likely to be up for sale b. Higher quality houses are more likely to be up for sale c. Both the higher and lower value houses would be offered for sale d. No houses would be offered for sale