If the firms in a monopolistically competitive industry are earning short-run profit, which of the following is not likely to occur in the long run?
a. New firms will enter the industry.
b. New firms in the industry will draw customers away from existing firms.
c. Existing firms in the industry will face a decrease in demand.
d. Firms will continue to earn profit.
e. Firms will produce with some excess capacity.
Question 2
The American Association of Retired Persons (AARP) provides checklists summarizing the voting and attendance records of legislators. Which of the following is true?
a. If the AARP's members were rational, it wouldn't have to do this.
b. This policy is useless if AARP members are rationally ignorant.
c. This policy is intended to reduce voters' rational ignorance by decreasing the cost of information.
d. If AARP members read this information, their rational ignorance would be eliminated.
e. If all voters in the nation read this information, their rational ignorance would be eliminated.
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