Long-run equilibrium under monopolistic competition is similar to long-run equilibrium under perfect competition in that:
a. price equals the minimum average total cost.
b. firms face perfectly elastic demand curves.
c. price equals average cost.
d. marginal revenue equals average cost.
Question 2
Suppose a Canadian investor buys a one-year U.S. government bond that pays 7 percent interest. If the U.S. dollar appreciates 4 percent against the Canadian dollar during the year, what must be the yield on a comparable Canadian government bond for interest rate parity to hold?
a. 3 percent
b. 4 percent
c. 7 percent
d. 10 percent
e. 11 percent
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