In the long run in a monopolistic competitive industry, a. ...

[crazycityslicker]

In the long run in a monopolistic competitive industry,
 a. economic profits will be positive.
  b. price will be driven to zero.
  c. the firm will not operate where MR = MC.
  d. economic profit will be zero.
  e. price will exceed average cost.

Question 2

The amount of money that could have been made by renting a piece of land to be used for building an office building instead of using the land for employee parking is a(n):
 a. implicit cost.
  b. accounting cost.
  c. explicit cost.
  d. pure economic cost.

[emilymalinowski12]

Answer to Question 1

d

Answer to Question 2

a