Assume a monopolistically competitive firm is earning an economic profit. The marginal revenue from selling an additional unit is 30 and the marginal cost of producing that additional unit is 23 . The firm should
a. change neither its price nor its output level
b. reduce its price and increase its output level
c. increase its price and reduce its output level
d. reduce both its price and its output level
e. increase both its price and its output level
Question 2
Technological change is decreasing competition in the market for media.
a. True
b. False
Economic and Social Development
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