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 60 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
Wow, this really help

mcabuhat

  • Member
  • Posts: 344
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Less than one of every three adults with high LDL cholesterol has the condition under control. Only 48.1% with the condition are being treated for it.

Did you know?

Your heart beats over 36 million times a year.

Did you know?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

Did you know?

The first documented use of surgical anesthesia in the United States was in Connecticut in 1844.

Did you know?

More than 50% of American adults have oral herpes, which is commonly known as "cold sores" or "fever blisters." The herpes virus can be active on the skin surface without showing any signs or causing any symptoms.

The frequency of competition according to the number of species involved. The frequency of competition according to the number of species involved.
Competition among Paramecium species. Competition among Paramecium species.
Richard Wrangham’s “female-bonded” theory of intergroup competition was highly influential in our un Richard Wrangham’s “female-bonded” theory of intergroup competition was highly influential in our un
How to convert verbal statements into algebraic equations (Part 3) How to convert verbal statements into algebraic equations (Part 3)
How to convert verbal statements into algebraic equations (Part 4) How to convert verbal statements into algebraic equations (Part 4)
Interference Competition Interference Competition
Video: Introduction to Genetics

For a complete list of videos, visit our video library