In the long run, in the model of monopolistic competition, for a typical firm, price is

a. above average cost but equal to marginal cost.
b. above marginal cost but equal to average cost.
c. above marginal cost.
d. equal to marginal cost and equal to or greater than average cost.

b

Economics

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The "Four Freedoms" do NOT include the right to

A) vote in local elections. B) migrate within the EU. C) write insurance policies throughout the EU. D) open bank accounts anywhere in the EU. E) move goods from one country to another inside the EU.

Economics

Refer to the above figure. Other things being equal, when the government imposes a price floor at P2, then we would expect

A) the quantity demanded is Q2. B) a surplus will occur. C) price to decline until an equilibrium is achieved at P0. D) consumers to bid against each other for goods and force the price even higher.

Economics