In the long run, a perfectly competitive firm will make zero excess profits. In the long run, oligopolies
A) also make zero excess profits.
B) normally make excess profits.
C) only the dominant firm makes excess profits, follower firms make zero excess profits.
D) the dominant firm makes zero excess profits, but follower firms will make excess profits.
Correct Answer:
Verified
Q11: Explain why pricing and output decisions of
Q12: What is monopolistic competition?
A) monopolistic competition means
Q13: A monopolistically competitive firm gains advantage over
Q14: Compared to a firm operating in a
Q15: Which of the following is an example
Q16: What is oligopoly?
A) oligopoly means there is
Q17: When would it be most advantageous for
Q19: Which of the following is an example
Q20: What is a cartel?
A) a cartel is
Q21: Neoclassical economists argue that cartels will eventually
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