In a perfectly competitive market, which of the following will increase the economic profit the firms make in the short run?
A) a decrease in market demand
B) an increase in market demand
C) an increase in labor costs
D) an increase in the number of firms
B
Economics
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As an individual consumes more of a good, the marginal utility of that good declines
a. True b. False Indicate whether the statement is true or false
Economics
Each of the following, except one, is a characteristic of a monopolistically competitive market. Which is the exception?
a. differentiated products b. no significant barriers to entry c. many buyers d. a standardized product e. many sellers
Economics