In monopolistic competition, free entry and free exit mean that in the long run firms in the industry make zero economic profit

Bongo plays drums in his parents' garage after school. What can we be sure of?

A) Bongo's drumming imposes negative externalities on others. B) Bongo's drumming delivers positive externalities to others. C) Bongo expects to benefit while drumming. D) All of the above.

If a college student stays home and watches a Netflix movie for $2 rather than going out to a $15 movie, this is an example of the

A) utility effect. B) value effect. C) substitution effect. D) income effect.