If firms in a monopolistically competitive market are earning economic profits, which of the following scenarios best reflects the change a representative firm experiences as the market adjusts to its long-run equilibrium?
A) Demand decreases and becomes less elastic. B) Demand increases and becomes less elastic.
C) Demand increases and becomes more elastic. D) Demand decreases and becomes more elastic.
D
Economics
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In a perfectly competitive world:
A) two-way trade would not occur. B) one-way trade would not occur. C) neither one-way trade nor two-trade would occur. D) both one-way trade and two-way trade would occur.
Economics
Provide a description of the TIT FOR TAT strategy. Give a brief explanation of the importance of TIT FOR TAT strategy in Robert Axelrod's computer tournaments and the implications of his results for public policy
What will be an ideal response?
Economics