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Author Question: In the long run in a monopolistic competitive industry, a. economic profits will be positive. b. ... (Read 14 times)

crazycityslicker

  • Hero Member
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  • Posts: 537
on: Jun 30, 2018
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

  • Sr. Member
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  • Posts: 338
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

a


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