Consider a monopolistically competitive firm in a market in long-run equilibrium. This firm is likely earning
a. a positive economic profit since it is charging a price above marginal cost.
b. no economic profit since it is charging a price equal to its marginal cost.
c. a positive economic profit since it is charging a price above its average total cost.
d. no economic profit since it is charging a price equal to it average total cost.
d
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State legislators who wanted to eliminate state regulation of the trucking industry would be most likely to find support among
A) business owners who must pay higher prices for deliveries as a result of the regulations. B) owners and managers of large trucking concerns. C) owners of small trucking concerns. D) unions that represent truck drivers.
Which of the following explains the differences in earnings by race?
A. differences in productivity B. racial discrimination C. differences in education and work experience D. All of these