Category: Uncategorized

The incident happened…

Narrative #1 Question #3 of 4 Was the baby born on the day the surgery was scheduled?

Narrative #1 Question #2 of 4 What did the doctor do first when she arrived at the hospital?

Narration: Trip #3 Question #2 of 2

The diagram below represents a monopolistically competitive firm in long-run equilibrium: Q 319-Econ 202 Final exam.png Which of the following statements is true regarding this equilibrium?

In long-run competitive equilibrium, which of the following must be true?Answer: A Explanation: In long-run competitive equilibrium, three conditions must be met: (1) firms maximize profit by producing where P = MC; (2) free entry and exit drive economic profits to zero, meaning P = ATC; and (3) firms produce at the minimum point of their ATC curves to minimize costs. These three conditions together mean that P = MC = minimum ATC. The other options violate at least one of these equilibrium conditions.

The market situation of a monopolistic competitor is made more complex than our simple revenue-and-costs graphs would suggest, because the firm in reality juggles three decisions:

The Herfindahl-Hirschman Index (HHI) is used to evaluate market concentration. If a merger raises the HHI from 2,400 to 2,700 points, the Department of Justice is most likely to:

In monopolistic competition, in the long-run equilibrium, which of the following must be true?

In monopolistic competition, which statement about the long-run equilibrium is correct?