In the long run, a monopolistic competitive firm will operate at ...

[nmorano1]

In the long run, a monopolistic competitive firm will operate at a price which:
 a. is higher than minimum long-run average cost.
  b. equals minimum long-run average cost.
  c. equals marginal cost.
  d. none of these.

Question 2

Consumer equilibrium occurs at:
 a. any point of intersection between the budget line and an indifference curve.
  b. a point of tangency between the budget line and an indifference curve.
  c. the point where the slope of the indifference curve equals the ratio of the quantities.
  d. a point where the budget line cuts the curve from below.

[daiying98]

Answer to Question 1

a

Answer to Question 2

b