In the long run in monopolistic competition, a. economic profits ...

[xroflmao]

In the long run in monopolistic competition,
 a. economic profits are zero.
  b. P = MC.
  c. P = minimum ATC.
  d. firms have an incentive to leave.
  e. the demand curve is tangent to the MC curve.

Question 2

Which of the following is an explicit cost?
 a. The opportunity cost of an owner/entrepreneur's time invested in the firm.
  b. The opportunity cost of the money the business owner/entrepreneur has invested in the firm.
  c. The wages paid to workers.
  d. None of the above.

[olderstudent]

Answer to Question 1

a

Answer to Question 2

c

[xroflmao]

Wow, this really help

[miss.ashley]

Thanks for the timely response, appreciate it