Eco312 quiz 3
Forgone rent from the building
owned and used by Company X |
plenty of time for firms to
either enter or leave the industry. |
purely competitive. |
may be either greater or less
than $5. |
The foreign exchange market |
long-run average costs decline
continuously through the range of demand. |
countervailing power. |
a one-firm industry. |
Women's dress manufacturing |
approximates pure competition. |
Question 11.11.(TCO 3) What is the difference between ACCOUNTING PROFIT, ECONOMIC PROFIT, and NORMAL PROFIT? (Points : 5) |
Question 12.12.(TCO 3) Identify the primary characteristics of monopolistic competition and oligopoly. Give examples of each. (Points : 5)
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Rating:
5/
Solution: Eco312 quiz 3