Which of the following is uncharacteristic of monopolistic competition in the long run?
a. firms selling heterogeneous products
b. zero economic profits
c. price in excess of marginal revenue
d. equilibrium on the increasing portion of the average total cost curve
d
Economics
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According to the factor price equalization theorem, the ________ factor should oppose free trade policies in any given country
A) abundant B) scarce C) neither D) Can't tell without more information
Economics
According to the research of economic historians, Southern farms
(a) realized the gains from regional specialization in the production of cotton, tobacco, sugar and rice. (b) used the gang system to increase the production of slaves. (c) were far larger, on average, than farms in the North. (d) were all of the above.
Economics