Suppose that a monopolistically competitive firm is in long-run equilibrium. The firm's demand curve is tangent to its average cost curve at Q = 25 . Average cost is minimized at Q = 35, where average cost is 50 . Which of the following is true?
a. This firm charges 50 for the good.
b. This firm charges more than 50 for the good.
c. This firm charges less than 50 for the good.
d. The firm has excess capacity at all output levels greater than 35 units.
e. Average cost is 50 at the profit-maximizing output level.
Question 2
Sally, Kelly, and Debbie are roommates deciding on how many cats they want in the apartment. Sally prefers three cats to two cats to one cat, Kelly prefers two to one to three, and Debbie prefers one to two to three. If they decide by majority vote (one versus two, two versus three, and so on), how many cats will they get?
a. none
b. one
c. two
d. three
e. the answer cannot be determined from the information given
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