Under perfect competition and monopolistic competition, profits are zero in long-run equilibrium

For the monopolistically competitive firm, in both the short run and the long run

A) the demand curve is inelastic. B) price will exceed marginal cost. C) there will be no economic profit. D) production will be at minimum average cost.

In a partnership form of business

a. all, except one partner, are subject to limited liability b. the business must operate in at least two countries c. at least two different products must be produced d. the partner who owns the majority of stock makes all of the important managerial decisions e. profits are shared by the partners