The cookie industry in Eatsweetland consists of 15 firms. The ...

[colton]

The cookie industry in Eatsweetland consists of 15 firms. The industry sales are 80 million per month. The sales of the largest 5 firms are shown in the table below. The rest 10 firms have sales of 3 million each. The U.S.
 
  Department of Justice would classify the market for cookies in Eatsweetland as A) competitive.
  B) uncompetitive.
  C) moderately competitive.
  D) monopolistic.

Question 2

In the long run, a firm in a monopolistically competitive industry produces where its marginal cost
 
  A) is less than its average cost.
  B) equals its average cost.
  C) exceeds its average cost.
  D) equals its price.

[carlsona147]

Answer to Question 1

C

Answer to Question 2

A

[colton]

Excellent

[brbarasa]

TYSM