Refer to the below graph for a representative firm in monopolistic competition in a constant-cost industry. This firm is:
A. In short-run equilibrium, but not long-run equilibrium
B. In long-run equilibrium, but not short-run equilibrium
C. In both short-run and long-run equilibrium
D. Not in either short-run or long-run equilibrium
A. In short-run equilibrium, but not long-run equilibrium
Economics
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In 2011 the top 5 percent of income earners accounted for over 50% of all income received by United States' families
a. True b. False Indicate whether the statement is true or false
Economics
Suppose that a 15 percent decrease in price leads to an increase in the quantity demanded of 10 percent,
A. demand is elastic. B. demand is inelastic. C. elasticity of demand is unitary. D. None of the above is correct.
Economics