Which of the following equations accurately reflects long-run equilibrium in the monopolistically competitive firm?

a. DLR > ATC and MRLR = MC
b. DLR < ATC and MRLR > MC
c. DLR = ATC and MRLR = MC
d. DLR = ATC and MRLR < MC

c. DLR = ATC and MRLR = MC

Economics

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The figure above shows the production possibilities frontier for a country. If the country is producing at point D, then the

A) resources are being used efficiently. B) technology associated with producing SUVs and compact cars is advancing. C) resources are not being used efficiently and/or are unemployed. D) production of SUVs and compact cars is maximized. E) None of the above answers is correct because it is not possible to produce at point D.

Economics

Police protection in a community is an example of a _____

a. merit good b. club good c. public good d. private good

Economics