A Markup of Price Over Marginal Cost Is Inconsistent with Free

question 188

True/False

A markup of price over marginal cost is inconsistent with free entry and zero profit.

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Definitions:

Popular Front

A period during the mid-1930s when the Communist Party sought to ally itself with socialists and New Dealers in movements for social change, urging reform of the capitalist system rather than revolution.

Communist Party

A political party that advocates for the principles of communism, aiming to establish a classless society based on common ownership of the means of production and the absence of social classes, money, and the state.

Cultural Movement

A change in the way a number of different disciplines approach their work, reflecting a new societal emphasis or preference.

Court-Packing

A strategy to manipulate the composition and decisions of a judiciary body, especially the Supreme Court, by increasing the number of judges to obtain favorable rulings.