Most movie theatres charge different prices to different groups of customers for movie admission but not on movie popcorn. Which of the following is a reason for this?
A) because the markup on movie popcorn is very high and movie theatres do not want to forgo this source of revenue
B) because it is easier to limit resale in movie admissions but not in popcorn
C) because the cost of operating a concession stand in a movie theatre is very high compared to the cost of showing a movie
D) because the demand for popcorn is very high relative to the demand for movie admissions
Question 2
In the long run, firms in both monopolistically competitive markets and perfectly competitive markets earn zero economic profits, but unlike perfectly competitive firms in the long run, monopolistically competitive firms
A) charge a price that is equal to marginal cost.
B) charge a price that is equal to average total cost.
C) do not produce at minimum average total cost.
D) charge a price that is greater than average revenue.
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