Author Question: Monopolistic competitive firms in the long run earn: a. positive economic profits. b. zero pure ... (Read 93 times)

kshipps · **on:** Jun 30, 2018

Monopolistic competitive firms in the long run earn:
a. positive economic profits.
b. zero pure economic profits.
c. negative economic profits.
d. none of these.

Question 2

The equation for a budget line for goods X and Y, with Px being the price of X, Py being the price of Y, and B being the budget, can be written as:
a. PxX + PyY = B.
b. PxX + PyY = 1 / B.
c. PxX = B + PyY.
d. PxX / PyY = 1 B.