The present value of a payment K that is schedule to be received t periods from now is
A) K - i / (1 + i)t. B) K / (1 - i)k. C) K / (1 + i)t. D) K / (K + i)t.
C
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In the long run, the most helpful action that a monopolistically competitive firm can take to maintain its economic profit is to
A) continue its efforts to differentiate its product. B) raise its price. C) lower its price. D) do nothing, because it will inevitably experience a decline in profits.
The demand curve facing a monopolistically competitive firm is generally
a. steeper than the demand curve that would face a perfectly competitive firm in the same industry. b. less elastic than the demand curve that would face a monopoly in the same industry. c. steeper and more elastic than the demand curve that would face a perfectly competitive firm in the same industry. d. flatter than the demand curve that would face a monopoly in the same industry.