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Author Question: Consider a monopolistically competitive industry which is in long-run equilibrium. Which of the ... (Read 94 times)

tichca

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on: Jun 29, 2018
Consider a monopolistically competitive industry which is in long-run equilibrium. Which of the following is TRUE?
 
  A) All firms charge a price equal to average total cost.
  B) All firms charge a price equal to marginal cost.
  C) All firms earn positive economic profit.
  D) Demand, average total cost, and marginal cost all intersect.

Question 2

Shaniq buys only soda and pizza and is buying the amounts that maximize her utility. The marginal utility from a soda is 30 and the price of a soda is 2. The marginal utility from a slice of pizza is also 30. The price of a slice of pizza must be
 
  A) 30.
  B) 2.
  C) 1.
  D) some amount that cannot be calculated without more information.


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yasmina

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


tichca

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

sailorcrescent

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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