Which of the following is FALSE regarding the long run for a firm ...

[jrubin]

Which of the following is FALSE regarding the long run for a firm in monopolistic competition?
 
  A) The firm makes zero economic profit.
  B) Price equals average total cost.
  C) Output is not produced at minimum average total cost.
  D) None of the above is a false statement.

Question 2

The president of which Federal Reserve Bank is always a voting member of the FOMC?
 
  What will be an ideal response?

[Li Jun]

Answer to Question 1

D

Answer to Question 2

The president of the New York Federal Reserve Bank is always a voting member of the FOMC. The presidents of the other Federal Reserve Banks rotate on and off as voting members. The president of the New York Federal Reserve Bank is always a voting member because the New York Federal Reserve Bank implements the Fed's policy decisions.

[jrubin]

Excellent

[Dominic]

Thanks for the timely response, appreciate it