In the short run, a firm operating in a monopolistically competitive market
a. produces an output level where marginal revenue equals average total cost.
b. sets price equal to demand where marginal revenue equals marginal cost.
c. must earn zero economic profits.
d. maximizes revenues as well as profits.
b
Economics
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To the extent that the value of money is less predictable, it becomes
A) more acceptable as a store of value. B) less acceptable as a medium of exchange. C) more acceptable as a standard of deferred payment. D) more acceptable as a unit of account.
Economics
Predatory pricing, as defined in the text, is
A) common and profitable but illegal. B) common, profitable, and legal. C) common but both unprofitable and illegal. D) common and legal but unprofitable. E) rarely observed though often alleged.
Economics