Multiple Choice
If price is greater than average cost, in the short-run, the competitive firm can earn
A) Normal profit
B) Super normal profit
C) Loss
D) All of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q4: If price is less than average cost,
Q5: In the long run, a competitive firm
Q6: Selling cost assumes paramount importance in<br>A)Perfect competition<br>B)Monopoly<br>C)Monopolistic
Q7: A firm under monopolistic competition advertise because<br>A)To
Q8: In the short-period,<br>A)All factors are fixed<br>B)Some factors
Q10: In the case of monopolistic competition,<br>A)Short run
Q11: Increase or decrease in the level of
Q12: The term group equilibrium is referred to<br>A)Duopoly<br>B)Monopolistic
Q13: A monopolistically competitive market is distinguished from
Q14: Under monopolistic competition, super normal profit arise