Question 1
The long-run equilibrium for a monopolistically competitive firm is efficient because its produces where
MR =
MC.
◦ true
◦ false
Question 2
Monopolists differ from perfectly competitive firms
◦ on the cost and demand sides of the profit equation.
◦ on the cost side of the profit equation alone.
◦ on the demand side of the profit equation alone.
◦ on neither the cost nor demand sides of the profit equation.