A monopolistic competitor exits the industry in the long run if ________.
A) total revenue exceeds total cost
B) total costs exceed total revenue
C) marginal revenue exceeds marginal cost
D) marginal revenue equals marginal cost
Question 2
You observe that in the market for coffee that both the equilibrium price of coffee and the equilibrium quantity have increased. You predict that the demand for coffee
A) has increased with no change in the supply of coffee.
B) has increased but it is not as large as the increase in supply.
C) has not changed but that the supply of coffee has decreased.
D) has increased less than supply of coffee has decreased.
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