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Author Question: In the long run in monopolistic competition, a. economic profits are zero. b. P = MC. c. P = ... (Read 68 times)

xroflmao

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on: Jun 30, 2018
In the long run in monopolistic competition,
 a. economic profits are zero.
  b. P = MC.
  c. P = minimum ATC.
  d. firms have an incentive to leave.
  e. the demand curve is tangent to the MC curve.

Question 2

Which of the following is an explicit cost?
 a. The opportunity cost of an owner/entrepreneur's time invested in the firm.
  b. The opportunity cost of the money the business owner/entrepreneur has invested in the firm.
  c. The wages paid to workers.
  d. None of the above.


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olderstudent

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

c


xroflmao

  • Member
  • Posts: 515
Reply 2 on: Jun 30, 2018
Wow, this really help

hollysheppard095

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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