In which market structures do firms earn long-term profits of zero?
A) perfect competition and monopolistic competition
B) monopolistic competition and oligopoly
C) oligopoly and monopoly
D) perfect competition and monopoly
Answer: A
Economics
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Which one of the following is the largest component of the money supply (M1) in the United States?
a. demand and other checking deposits b. gold certificates c. credit cards and traveler's checks d. Federal Reserve notes
Economics
In which of the following time periods can sellers NOT respond to changes in price by increasing quantity supplied?
A. The long run B. The short run C. The market period
Economics