In the long-run, surviving firms in monopolistic competition earn:
a. higher pure economic profits.
b. zero pure economic profits.
c. below-normal profits.
d. substantial economic losses.
b
Economics
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What characteristic of a competitive market has made the "long run pretty short" in the market for iPhone applications?
A) few firms in the market B) ease of entry C) blocked entry D) identical products
Economics
If the free market is called upon to provide public goods, then:
a. there will more goods provided than is optimal. b. there will be fewer goods provided than is optimal. c. the market will provide the optimal number of goods. d. the market price will be correct, but the optimal amount of output will not be produced. e. the firms will earn excess profit.
Economics