Suppose that firms in a monopolistically competitive industry are making positive profits in the short run.

select the correct answers below to describe what will happen in this industry in the long run.

since profits are greater than zero, firms will enter/exit

as this occurs, demand for each firm will, increase/decrease/stay the same

this will continue until, profits increase/decrease/equal zero

at this point, p=atc/p=mr/p=mc

You and your new australian bride matilda, are applying for a loan and are required to submit a balance sheet with your net worth. you own a 2008 toyota camry that you bought last month for $9,995. the kelly blue book value for this car is $13,995. you owe $8,150 on the car loan for the camry. you pay off your visa credit card every month and have not paid any credit card interest this year. the current visa credit card balance is $3,522, and the next statement is due in 15 days. you have a student loan balance of $6,500. you presently have $425 in your checking account and $1,540 in your savings account. you own 100 shares of ibm stock that you purchased for $85.50 per share. one share of ibm is now selling for $158.42. you own computers and other electronics that you purchased for $4,100 but could probably sell today on e-bay for $1,800. your gross income is $80,000 per year. what is your current net worth? (see wb ch. 2 example 2.3)

Select all that apply. select the ways that labor unions can increase wages. collective bargaining reducing the labor supply increasing the demand for labor creating monopolies

Carlos wrote a check for $44.92 to pay his gas bill. he’ll use the check register to record his transaction. what will be his new balance?