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.
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