Refer to the table above. If the firm is a monopolistic ...

[notis]

Refer to the table above. If the firm is a monopolistic competitor, what is the equilibrium price charged by the firm?
 
  A) 77
  B) 80
  C) 65
  D) 57

Question 2

Explain whether the statement The government should increase tariffs on Japanese cars to protect the American car industry from competition, is a normative or positive statement.
 
  What will be an ideal response?

[dominiqueenicolee]

Answer to Question 1

C

Answer to Question 2

The statement is normative. The statement is a normative statement because it depends on a value judgment, namely that the government should protect the American car industry from competition.

[notis]

Great answer, keep it coming

[cdmart10]

Thanks for the timely response, appreciate it