In the long run, economic profit for a monopolistically competitive firm
a. is zero, due to the lack of barriers to entry
b. is zero, due to product differentiation
c. may be positive, due to strong barriers to entry
d. may be positive, due to product differentiation
e. may be positive, due to advertising and product promotion
A
Economics
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Suppliers often reduce prices because they
a. have a shortage of products to sell b. have a surplus of products to sell c. want to decrease consumer demand d. want to reduce profits and go out of business
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A compensation scheme that pays salespeople a percentage of the sales they make is attempting to reward
a. work effort. b. loyalty to the firm. c. years of schooling. d. years of experience.
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