A monopolistically competitive firm is like a monopoly firm ...

[stock]

A monopolistically competitive firm is like a monopoly firm insofar as
 
  A) both face perfectly elastic demand.
  B) both earn an economic profit in the long run.
  C) both have MR curves that lie below their demand curves.
  D) neither is protected by high barriers to entry.

Question 2

A cartel is a group of firms which agree to
 
  A) behave competitively.
  B) raise the price of their product.
  C) lower the price of their product.
  D) increase the amount they produce.

[scottmt]

Answer to Question 1

C

Answer to Question 2

B

[stock]

Thanks for the timely response, appreciate it

[DylanD1323]

Great answer, keep it coming