Author Question: Because of easy entry, monopolistically competitive firms will a. produce at the lowest average ... (Read 77 times)

joesmith1212 · **on:** Jun 30, 2018

Because of easy entry, monopolistically competitive firms will
a. produce at the lowest average total cost
b. charge a price equal to marginal cost
c. earn no economic profit in the long run
d. take advantage of all economies of scale
e. earn no economic profit in the short run

Question 2

Direct majority-rule voting is a form of coercion in the sense that
a. all citizens must vote
b. all registered voters must vote
c. the median voter's preferences determine the outcome for everyone
d. the majority gets exactly what they want, but the minority does not.
e. individuals with higher incomes get more votes