ECON101 Monopolistically Competitive Industry Case Study project
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Question 1 of 20
The representative firm in a purely competitive industry:
- Will always earn a profit in the short run
- May earn either an economic profit or a loss in the long run
- Will always earn an economic profit in the long run
- Will earn an economic profit of zero in the long run
Question 2 of 20
An example of a monopolistically competitive industry would be:
- Retail clothing
Question 3 of 20
Firms in an industry will not earn long-run economic profits if:
- Fixed costs are zero
- The number of firms in the industry is fixed
- There is free entry and exit of firms in the industry
- Production costs for a given level of output are minimized
Question 4 of 20
Marginal product is:
- the increase in total output attributable to the employment of one more worker.
- the increase in total revenue attributable to the employment of one more worker.
- the increase in total cost attributable to the employment of one more worker.
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