True or False 2.8. A perfectly competitive industry can be in equilibrium only if all the...
True or False
2.8. A perfectly competitive industry can be in equilibrium only
if all the firms are
earning economic profit.
2.9. Under monopolistic competition, there is an incentive for
sellers to advertise
their products.
2.10. The marginal revenue product (MRP) curve represents the
demand for labour.
Homework Answers
8.False.
The market can be in equilibrium when all firms are earning zero economic profit.
9.True.
There are huge advertisement costs involved in monopolistic competition.Producers differentiate their products through advertisements.
10.True.
The MRP curve for labour is the demand curve for labour.
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True or False
2.8. A perfectly competitive industry can be in equilibrium only
if all the...
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