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Author Question: If in monopolistic competition in the short run, firms make ________ profits, then in the long run, ... (Read 26 times)

nevelica

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on: Jun 29, 2018
If in monopolistic competition in the short run, firms make ________ profits, then in the long run, new firms will enter the market. The ________ each individual firm's product will ________.
 
  In the new long-run equilibrium firms will make ________ profit. A) economic; demand for; decrease; zero economic
  B) normal; demand for; increase; zero economic
  C) economic; supply of; decrease; an economic
  D) economic; supply of; increase; zero economic

Question 2

Refining gasoline for our cars requires a very specialized resource, crude oil. As a result, the
 
  A) demand for gasoline is price elastic.
  B) demand for gasoline is price inelastic.
  C) supply of gasoline is price elastic.
  D) supply of gasoline is price inelastic.


hugthug12

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

D


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