For a profit-maximizing monopolistically competitive firm, marginal revenue exceeds marginal cost in
a. the short run but not in the long run.
b. the long run but not in the short run.
c. both the short run and the long run.
d. neither the short run nor the long run.
d
Economics
You might also like to view...
Suppose the quantity demanded is 5 units when the price is $1.00. If the price rises to $2.00, the quantity demanded falls to 3 units. The price elasticity of demand is
A) 0.5. B) 0.75. C) 1.33. D) 2.00.
Economics
In economics, scarcity implies
A) disutility. B) utility. C) choice. D) inefficiency. E) a, c, and d
Economics