Which of the following market structures results in a deadweight loss in the long run?
a. Perfect competition and monopolistic competition
b. Monopolistic competition and monopoly
c. Perfect competition and monopoly
d. All of these market structures lead to a deadweight loss in the long run
b
Economics
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A buyer's investment value is the __________ that he or she would be willing to pay for a particular property.
Fill in the blank(s) with the appropriate word(s).
Economics
The figure above shows the costs for a grower in the perfectly competitive turnip market. If the price is $1,000 for a ton of turnips, the firm is
A) making an economic profit. B) making zero economic profit. C) incurring an economic loss. D) More information is needed to determine if the firm is making a positive economic profit, zero economic profit, or incurring an economic loss.
Economics