Long-run equilibrium under monopolistic competition requires that
a. the demand curve intersect the average cost curve.
b. the demand curve be tangent to the average cost curve.
c. price be equal to marginal cost.
d. quantity produced be at the point where average cost is at a minimum.
b
Economics
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The income distribution is a more accurate measure of economic inequality than the wealth distribution because income excludes human capital
Indicate whether the statement is true or false
Economics
Jane has noticed that she used to pay $2 for coffee and now she pays $2.50. Which of the following statements is TRUE?
A) The relative price of coffee has increased compared to tea. B) The money price of coffee has increased. C) The law of supply explains why the price of coffee has increased. D) Jane will stop consuming coffee.
Economics