A firm in monopolistic competition is
A) efficient because in the long run it earns zero economic profit.
B) efficient because it produces at the minimum average total cost.
C) inefficient because price exceeds marginal cost.
D) efficient because of the ease of entry.
E) efficient because it produces where MR = MC.
C
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Which of the following is NOT a way in which power was divided up in the Federal Reserve System?
A) between bankers and business interests B) among states and regions C) between importers and exporters D) between government and the private sector
Which of the following actions may be explained by the law of small numbers?
A) People buy lottery tickets. B) People buy air travel insurance. C) People purchase extended or long-term warranties or maintenance contracts for new automobiles and appliances. D) all of the above