What a firm must pay for its inputs is referred to as its: A) ...

[tiffannnnyyyyyy]

What a firm must pay for its inputs is referred to as its:
 
  A) production value.
  B) cost of production.
  C) opportunity cost.
  D) loss in production.

Question 2

The profit earned by a monopolistic competitor after the entry of new firms is ________.
 
  A) higher than the profit earned by the firm before the entry of new firms
  B) lower than the profit earned by the firm before the entry of new firms
  C) equal to the profit earned by a monopolist in the long run
  D) higher than the profit earned by a perfect competitor in the long run

[millet]

Answer to Question 1

B

Answer to Question 2

B