In monopolistic competition, product differentiation gives the firms the power to set their prices

Refer to the above figure. This firm is operating in the

A) long run since economic profits are greater than zero. B) long run since economic profits are less than zero. C) short run since economic profits are greater than zero. D) short run since economic profits are less than zero.

Entrepreneurship functions better when

A) the government performs the entrepreneurial function. B) there is a well-defined property rights system. C) saving is relatively low. D) most of the population has low levels of education.