In 2007, the value of the American dollar rose relative to the euro

In monopolistic competition there are ________ barriers to entry, so therefore in the long run, economic profit ________

A) no; is substantial B) no; equals zero C) many; equals zero D) many; is substantial E) many; might be earned depending on the degree of product differentiation

Refer to Figure 4-5. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing the portion of consumer surplus transferred to producers as a result of the price floor?

A) A + B B) B C) A D) B + C