In the long run, a monopolistically competitive firm
A) earns positive economic profits.
B) earns zero economic profits.
C) earns negative economic profits.
D) can have positive, zero, or negative profits.
Answer: B
Economics
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Tariffs and quotas tend to
a. raise prices domestically but make more goods available b. raise prices domestically and channel more domestic goods into exports c. raise prices domestically and reduce availability of goods d. lower prices domestically but reduce availability of goods e. none of the above
Economics
If government tax policy requires Bill to pay $20,000 in taxes on annual income of $200,000 and Paul to pay $10,000 in tax on annual income of $100,000, then the tax policy is:
A. regressive. B. progressive. C. proportional. D. optional.
Economics