Which of the following is false?
a. Long run equilibrium in monopolistic competition results in zero economic profits.
b. Monopolistic competitor's demand curves are likely to be more elastic than those of monopolists.
c. Monopolistic competition results in a greater variety of products than perfect competition.
d. Monopolistic competition's zero economic profit long run equilibrium is efficient, like the zero profit equilibrium in perfect competition.
Question 2
Which of the following remedies can be used to prevent the beekeeper and the farmer from breaking the contract?
a. Separating the ownership and management of the bees and trees.
b. Merging the ownership and management of the bees and the trees.
c. Providing the farmer a larger share of the net benefit received from the contract.
d. Providing the bee keeper a larger share of the net benefit received from the contract.
This Black-browed Albatross has been hooked on a long-line.
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