17.Which of the following statements about monopolistically competition is CORRECT: A. Earn abnormal profits in the long run. B. Always make profit in the short run because of monopoly power. C. Charge a price equals to minimum average total cost in the long run. D. In the long run, produce at price greater than marginal cost
17.Which of the following statements about
A. Earn abnormal profits in the long run.
B. Always make profit in the short run because of
C. Charge a price equals to minimum average total cost in the long run.
D. In the long run, produce at price greater than marginal cost
18.(a) Explain whether each of the following statements applies to
(i) The jobless rate in the housing industry has increased substantially in 2020.
(ii) A national car rental company has shut down due to Covid-19.
(iii) The inflation rate in Malaysia has decreased by 2% last year.
(b) Discuss how a market system and a command economy try to cope with economic
scarcity.
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