Econ101 final exam 2024 - Study guides, Class notes & Summaries

Question 1 of 20 The representative firm in a purely competitive industry: A. Will always earn a profit in the short run B. May earn either an economic profit or a loss in the long run C. Will always earn an economic profit in the long run D. Will earn an economic profit of zero in the long run AAnnsswweerr KKeeyy::: D FFeeeeddbbaacckk::: See page 240. Question 2 of 20 An example of a monopolistically competitive industry would be: A. Steel B. Soybeans C. Electricity D. Retail cloth...