Answer to Question #52956 in Microeconomics for Yana

Question #52956
MULTIPLE CHOICE
1. The marginal revenue curve of a monopolistically competitive firm will always lie:
a. below the firm's demand curve.
b. parallel to the firm's demand curve.
c. parallel to the firm's quantity axis.
d. above the firm's demand curve.
2. Which of the following is the best example of a monopolistically competitive market?
a. Wheat.
b. Automobiles.
c. Diamonds.
d. Retail sales.
3. The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically
competitive firm will:
a. produce the output level at which price equals long-run marginal cost.
b. operate at minimum long-run average cost.
c. overutilize its insufficient capacity.
d. produce the output level at which price equals long-run average cost.
1
Expert's answer
2015-07-20T00:00:42-0400
1. The marginal revenue curve of a monopolistically competitive firm will always lie:
a. below the firm's demand curve.
2. Which of the following is the best example of a monopolistically competitive market?
b. Automobiles.
3. The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will:
d. produce the output level at which price equals long-run average cost. 

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS