The short run is a time period such that
a. the existing firms in the market do not have sufficient time to change the amounts of any of the inputs that they employ.
b. the existing firms in the market do not have sufficient time to either increase or decrease their current rate of output.
c. the existing firms in the market do not have sufficient time to increase the size of their existing plant or build a new factory.
d. new firms may build plants and enter the industry.
C
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In a monopolistically competitive market
A) firms are price setters. B) barriers to entry are high. C) firms earn positive economic profit in the long run. D) products are undifferentiated.
Antitrust laws have economic benefits that outweigh the costs if they
a. prevent mergers that would decrease competition and lower the costs of production. b. prevent mergers that would decrease competition and raise the costs of production. c. allow mergers that would decrease competition and raise the costs of production. d. None of the above is correct because antitrust laws never have economic benefits that outweigh the costs.