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Author Question: If the price of crude oil falls, the equilibrium price of gasoline ________ and the equilibrium ... (Read 94 times)

mcmcdaniel

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on: Jun 29, 2018
If the price of crude oil falls, the equilibrium price of gasoline ________ and the equilibrium quantity ________.
 
  A) rises; increases
  B) rises; decreases
  C) falls; increases
  D) falls; decreases

Question 2

Which of the following is a difference between a monopolistically competitive market and a perfectly competitive market in the long run?
 
  A) Firms in a monopolistically competitive market earn zero economic profits in the long run, while firms in a perfectly competitive market earn positive economic profits in the long run.
  B) Firms in a monopolistically competitive market earn zero economic profits in the long run, while firms in a perfectly competitive market incur losses in the long run.
  C) Firms in a monopolistically competitive market charge a price higher than marginal cost in the long run, while firms in a perfectly competitive market charge a price equal to marginal cost in the long run.
  D) Firms in a monopolistically competitive market charge a price lower than marginal cost in the long run, while firms in a perfectly competitive market charge a price equal to marginal cost in the long run.


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aliotak

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

C


mcmcdaniel

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

milbourne11

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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