A monopolistically competitive industry is like a perfectly competitive industry in the sense that:
a. non-price competition is significant in both industries.
b. there are no substantial barriers to entry in both cases.
c. economic profits in long run equilibrium are zero in both cases.
d. both (b) and (c) are true.
Question 2
An externality can occur when:
a. a voluntary transaction between two individuals creates economic value.
b. a person's action affects another's wealth either positively or negatively.
c. a self-interested individual tries to maximize his/her profits.
d. a voluntary transaction between two individuals creates economic loss.
School-age children are often independent and industrious, with a developing sense of self-confidenc
Non-competitive inhibition
Natural Resources and Industry
Psychology: It’s Not Just “Common Sense”
Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ...
Competitive firms and maximization