Because a monopolistically competitive firm has some market power, in the long-run the price of its product exceeds its
a. average revenue.
b. average total cost.
c. marginal cost.
d. None of the above is correct.
c
Economics
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Macroeconomics is best described as the study of
A) the nation's economy as a whole. B) very large issues. C) the choices made by individual households, firms, and governments. D) the relationship between inflation and wage inequality.
Economics
Joe consumes crawfish and shrimp. His utility function exhibits diminishing marginal utility of crawfish but the marginal utility of shrimp is constant. Will Joe's indifference curves be convex?
What will be an ideal response?
Economics