Long-run equilibrium is characterized by zero profits in
A) monopolistic competition only.
B) perfect competition only.
C) both perfect competition and monopolistic competition.
D) market structures in which there are barriers to entry.
Answer: C
You might also like to view...
A country in which a significant fraction of domestic production takes place in foreign-owned factories and facilities is most likely a country where
A) GNP is much larger than GDP. B) GDP is much larger than GNP. C) GDP is equal to GNP. D) GDP is not comparable to GDP.
One lesson learned from the bank panics of the early 1930's is:
A. the financial system will collapse without a lender of last resort. B. only the U.S. Treasury can be a true lender of last resort. C. the lender of last resort function almost guarantees that bank panics are a thing of the past. D. the mere existence of a lender of last resort will not keep the financial system from collapsing.