In the long run, the economic profits of Hoot's Chicken 'n' Ribs, a monopolistic competitor, are:
a. not eliminated, because competition is not perfect.
b. not eliminated, because the demand curve slopes downward.
c. eliminated due to firms entering the industry.
d. eliminated due to firms leaving the industry.
e. not eliminated, because firms cannot enter the industry.
c
Economics
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Which of the following is included in net government income?
A) social security benefits B) factor income C) taxes D) all of the above E) none of the above
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The flatter is the IS curve,
A) the more effective is monetary policy. B) the less effective is monetary policy. C) the effectiveness of monetary policy does not change. D) a given change in the money supply will have a smaller effect on output.
Economics