Which of the following forms of unemployment probably imposes the greatest personal costs?

A profit-maximizing monopoly will never operate in the portion of the demand curve with MR equal to

A) 3. B) 2. C) 1. D) -1.

Answer the following questions true (T) or false (F)

1. If a firm in a perfectly competitive industry introduces a lower-cost way of producing an existing product, the firm will be able to earn economic profits in the long run. 2. Firms in perfect competition produce the productively efficient output level in the short run and in the long run. 3. Firms in perfect competition produce the allocatively efficient output in the short run and in the long run.