To maintain their economic profits, firms in monopolistic competition must continually engage in
A) product innovation and development.
B) lowering their product's price.
C) raising their product's price.
D) realizing short-run losses.
E) making the demand for their product more elastic.
A
Economics
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A labor-intensive method of production is one that:
A) requires employees to work harder than they would in other occupations. B) relies exclusively on labor. C) relies on large quantities of labor and smaller quantities of capital equipment. D) combines a small but sophisticated labor force with a large amount of capital.
Economics
A monopolist must produce a good for which there are no close substitutes.
Indicate whether the statement is true or false.
Economics