Use the Following to Answer Questions

question 84

Multiple Choice

Use the following to answer questions:
Figure: Profit Maximization in Monopolistic Competition
-(Figure: Profit Maximization in Monopolistic Competition) Look at the figure Profit Maximization in Monopolistic Competition. If other firms see economic profits in the industry, they will enter it, and the demand curve for firms already in the industry will shift to the _____; in the long run, this will result in an economic profit _____ and a price _____.

• A) right; equal to zero; equal to ATC
• B) right; greater than zero; greater than ATC
• C) left; less than zero; less than ATC
• D) left; equal to zero; equal to ATC

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Definitions:

Arbitrary Governments

Forms of government characterized by unchecked power and authority, often leading to decisions based on personal whims or discretion rather than laws or ethical standards.

Economic Rights

Refers to rights that allow individuals to engage in activities necessary for the production, distribution, and consumption of goods and services.

McCarren-Walter Act

A United States federal law enacted in 1952, also known as the Immigration and Nationality Act, which set quotas on immigrants based on national origin and allowed the government to deport immigrants or naturalized citizens engaged in subversive activities.

Political Prisoners

Individuals imprisoned because they opposed or criticized their government's policies, often held without fair trial.