Billy is running a fast-food burger stand in his small community. If he is like other monopolistic competitors in short-run equilibrium which of the following would be true?
a. His demand curve would be downward sloping
b. His marginal revenue curve would lie below his demand curve.
c. He would be maximizing profits where his MC = MR.
d. All of the above would be characteristics of Billy's burger stand.
d
Economics
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Entry continues as long as
A) economic profits are zero. B) accounting profits are positive. C) accounting profits are positive and economic profits are negative. D) economic profits are positive.
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