This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following statements best describes firms under monopolistic competition? a. Profits ... (Read 38 times)

maegan_martin

  • Hero Member
  • *****
  • Posts: 532
on: Jun 30, 2018
Which of the following statements best describes firms under monopolistic competition?
 a. Profits will be positive in the long run.
  b. Price always equals average variable cost.
  c. In the long run, positive economic profit will be eliminated.
  d. Marginal revenue equals minimum average total cost in the short run.

Question 2

Consumer equilibrium occurs where the budget line is tangent to the:
 a. lowest possible indifference curve.
  b. highest possible indifference curve.
  c. utility maximizing indifference curve.
  d. utility equalization indifference curve.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Jsherida

  • Sr. Member
  • ****
  • Posts: 314
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

b


maegan_martin

  • Member
  • Posts: 532
Reply 2 on: Jun 30, 2018
:D TYSM

dreamfighter72

  • Member
  • Posts: 355
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

There are more bacteria in your mouth than there are people in the world.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Alexander Fleming photographed in his lab where he observed the natural competition between a fungus Alexander Fleming photographed in his lab where he observed the natural competition between a fungus
Sexual swellings are one way for females to advertise their mating availability, thereby inducing ma Sexual swellings are one way for females to advertise their mating availability, thereby inducing ma
How to convert verbal statements into algebraic equations (Part 3) How to convert verbal statements into algebraic equations (Part 3)
E9-23 Prepare income statements Explain the difference in operating income E9-23 Prepare income statements Explain the difference in operating income
Economic objectives of firms Economic objectives of firms
Interference Competition Interference Competition
Video: Virtual Tour of the Heart

For a complete list of videos, visit our video library