If a firm earns zero economic profit in the long run, then it
a. must be in a perfectly competitive market
b. must be in a monopolistically competitive market
c. cannot be in a monopolistically competitive market
d. could be in any of the four major market structures
e. is not in an oligopoly
D
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A marginal cost curve
A) is upward sloping. B) shows that as more of a good is produced, opportunity costs of producing another unit increase. C) is bowed inward so that its slope can become negative. D) Both answers A and B are correct.
A large "T-statistic" tell us that
A) a tiny change in the independent variable will cause a relatively large change in the dependent variable. B) we do not have enough data to obtain an accurate regression line. C) we can be confident that our estimated coefficient is not zero. D) we should have included more "lags" in our model. E) we have incorrectly switched the dependent and independent variables in our model.