Refer to the table above. Diminishing marginal returns sets in when:
A) the second worker is hired.
B) the fourth worker is hired.
C) the fifth worker is hired.
D) the seventh worker is hired.
Question 2
Which of the following is a difference between a monopolistically competitive market and a monopoly in the long run?
A) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist usually earns positive economic profits in the long run.
B) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist incurs losses in the long run.
C) Firms in a monopolistically competitive market charge a price higher than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run.
D) Firms in a monopolistically competitive market charge a price lower than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run.
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