A monopolistically competitive firm
a. earns no long-run economic profit and is therefore allocatively efficient
b. earns no long-run economic profit and therefore produces at the minimum point of its ATC curve
c. earns no long-run economic profit and is allocatively efficient even though it is not producing at the minimum point of its ATC curve
d. earns no long-run economic profit, is allocatively inefficient, and does not produce at the minimum point of its ATC curve
e. has a chance of making a long-run economic profit and is therefore allocatively inefficient
Question 2
General Motors benefits from tariffs on imported automobiles. Companies that use many automobiles, such as rental agencies, want to get them cheaply. In this case, the issue of tariff legislation involves
a. a simple majority because it promises concentrated costs and benefits
b. competing interests because it promises concentrated costs and benefits
c. a simple majority because it promises concentrated benefits and widespread costs
d. competing interests because it promises concentrated benefits and widespread costs
e. competing interests because it promises concentrated costs and widespread benefits
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