Author Question: If there are a large number of firms in a monopolistically competitive industry A) long-run ... (Read 75 times)

danielfitts88 · **on:** Jun 30, 2018

If there are a large number of firms in a monopolistically competitive industry

A) long-run profit will be equal to zero.
B) the country in which the firms are located can be expected to export the goods they produce.
C) there will be barriers to entry that prevent addition firms from entering the industry.
D) the firms will converge production on a standardized product.
E) there will be a small number of firms that are very large and the rest will be very small.

Question 2

Which agreement removes customs and passport controls at the common borders of many EU countries?

What will be an ideal response?