Billy is running a fast-food burger stand in his small community. If he is like other monopolistic competitors in short-run equilibrium which of the following would be true?
a. His demand curve would be downward sloping.
b. His marginal revenue curve would lie below his demand curve.
c. He would be maximizing profits where his MC = MR.
d. All of the above would be characteristics of Billy's burger stand.
Question 2
Suppose that the price of an ounce of gold is 120 pesos in Mexico and 2,400 yen in Japan. Then the Japanese yen is worth two hundred times the value of a Mexican peso.
a. True
b. False
Indicate whether the statement is true or false
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