Suppose That a Monopolistically Competitive Market Is in Its Long-Run

question 314

Multiple Choice

Suppose that a monopolistically competitive market is in its long-run equilibrium. If the market demand curve shifts to the right due to changes in consumer preferences

• A) the number of firms in the market will increase in the short run.
• B) firms will earn positive economic profits in the short run.
• C) firms' average costs of production will increase as they increase output levels in the short run.
• D) none of the above.

Understand the stance of classic sociologists on religion and scientific rationalism.

Identify key French sociologists and their perspectives on socialism and capitalism.

Recognize the various intellectual currents within early British sociology.

Understand the intellectual currents of The Enlightenment and their impact on social thought.

---

Definitions:

Adjusted Trial Balance

A compilation of all accounts along with their balances, post-adjustment entries, employed during the creation of financial reports.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts and prepare the company's books for the next period.

End-of-period Spreadsheet

A financial document used to summarize account balances and adjustments at the conclusion of an accounting period before preparing financial statements.

Closing Entries

Entries recorded at the conclusion of a fiscal period to move balances from temporary accounts to permanent ones, thus readying the accounts for the upcoming period.