If the firms in a monopolistically competitive industry are suffering short-run losses, which of the following will occur in the long run?
a. Some firms will enter the industry.
b. Customers of firms that leave the industry will switch to remaining firms.
c. Firms that remain in the industry will face reduced demand.
d. Firms will continue to incur losses.
e. There will be no excess capacity.
Question 2
Because information and the time required to acquire and digest it are scarce,
a. consumers concentrate on private choices rather than on public choices
b. consumers concentrate on public choices rather than on private choices
c. it is irrational for consumers to remain ignorant of the costs and benefits of government proposals
d. consumers have greater incentive to gather and act upon information about public choices than to gather and act upon information about their private choices
e. an individual voter has more incentive to examine the performance records of candidates for public office
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Answer the following short answer, please show your steps and include the formulas used