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Author Question: Tombstones are produced in a monopolistic competitive market. One producer, Rolling Stones, sells 20 ... (Read 45 times)

vinney12

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on: Jun 30, 2018
Tombstones are produced in a monopolistic competitive market. One producer, Rolling Stones, sells 20 tombstones a week at a price of 500 each. Its average total cost is 600 . From this information, we can tell:
 a. new tombstone firms will want to enter.
  b. this producer is losing 2,000 a week.
  c. this producer is making an economic profit of 400.
  d. this producer is setting MR = MC.
  e. this producer should increase production.

Question 2

A budget line represents all the combinations of two good a consumer can buy with a given amount of money and fixed prices for the goods.
 a. True
  b. False
  Indicate whether the statement is true or false


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zoeyesther

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

True


vinney12

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Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

tkempin

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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