Costume jewelry is produced in a monopolistically competitive market. One producer finds that MR = MC = 3 when output is 700 necklaces. An economist studying this information can conclude that:
a. the producer is charging a price of 3.
b. economic profit is 2,100.
c. the producer charges a price greater than 3.
d. new firms will want to enter.
e. this producer should produce more than 700 necklaces.
Question 2
A budget line represents all combinations of bundles of two goods that give a consumer equal total utility.
a. True
b. False
Indicate whether the statement is true or false
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