Which of the following is true for a monopolistically competitive firm in the long run?
a. The average cost curve of the firm lies below the marginal cost curve.
b. The firm earns zero economic profit
c. The demand curve of the firm coincides with the marginal revenue curve.
d. The firm earns positive economic profit.
b
Economics
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Although the National Bank Act of 1863 was designed to eliminate state-chartered banks by imposing a prohibitive tax on banknotes, state banks were able to stay in business by
A) issuing credit cards. B) ignoring the regulations. C) acquiring funds through deposits. D) branching into other states.
Economics
Answer the question based on the following data, using year 1 as the base year. All dollars are in billions.
Refer to the above data. Real GDP increased from year 3 to year 4 by approximately:
A.
$68 billion
B.
$75 billion
C.
$98 billion
D.
$215 billion
Economics