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Author Question: Firms in monopolistic competition and perfect competition typically a. are price takers b. produce ... (Read 158 times)

BrownTown3

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on: Jun 30, 2018
Firms in monopolistic competition and perfect competition typically
 a. are price takers
  b. produce identical products
  c. earn zero economic profit in the long run
  d. face a downward-sloping demand curve
  e. face an upward-sloping total revenue curve at all rates of output

Question 2

As a result of legislation to establish a floor price for milk, most dairy farmers will
 a. end up earning a normal rate of return in the long run
  b. end up earning a zero rate of return in the long run
  c. end up earning a negative rate of return in the long run
  d. benefit from the increased cost of specialized resources used in dairy farming
  e. suffer if they own specialized resources at the time the legislation is passed


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shoemake

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

C

Answer to Question 2

A


BrownTown3

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Reply 2 on: Jun 30, 2018
Excellent

patma1981

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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