The U.S. Gini coefficient shows that income inequality
a. increased steadily over the last four decades
b. remained fairly constant in the 1970s, and then increased steadily through the 1980s and 1990s
c. increased gradually over the period 1947–1968, and then declined steadily through the 1990s
d. has changed little over the last four decades
e. has declined in relation to other developed economies
B
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In the long run, a firm should exit when:
A) price is less than average total cost. B) price is equal to average total cost. C) price is equal to marginal cost. D) price is more than marginal cost.
Which of the following statements about a monopolistically competitive firm is TRUE?
A) A monopolistically competitive firm does not always equate marginal cost to marginal revenue because it uses other means to maximize profits. B) A monopolistically competitive firm maximizes profits by charging a price equal to marginal cost. C) A monopolistically competitive firm produces the quantity at the point at which the demand curve crosses the marginal cost curve. D) A monopolistically competitive firm maximizes profits when it produces the quantity at which marginal cost equals marginal revenue.