Within the system the choices made by consumers and producers determine the allocations of resources

At which stage of marketing strategy would the marketing team address the question, "should we engage in these practices? "

Suppose that a monopolistically competitive restaurant is currently serving 260 meals per day (the output where mr

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.