Based on the data in the table above, at the short-run equilibrium
A) the unemployment rate is less than the natural unemployment rate.
B) the unemployment rate is greater than the natural unemployment rate.
C) the money wage rate will rise in the long run.
D) the economy is at full employment.
B
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Compared to a perfectly competitive firm, in a long run the monopolistically competitive firm will have
A) a lower price. B) a lower average cost. C) a horizontal demand function. D) a lower rate of output.
A major difference between a monopolist and a perfectly competitive firm is that
A) the monopolist is certain to earn economic profits. B) the monopolist's marginal revenue curve lies below its demand curve. C) the monopolist engages in marginal cost pricing. D) the monopolist charges the highest possible price that he can.