Question 1
Refer to the information provided in Figure 15.2 below to answer the question(s) that follow.
Refer to Figure 15.2. In this monopolistically competitive industry, in the long run
◦ firms will enter until all firms break even economically.
◦ firms will suffer economic losses profits.
◦ demand for the product will increase so that profits are increased.
◦ product supply will decrease so prices will go up.
Question 2
Mama Lena's, a frozen food producer, is a monopolistically competitive firm. Mama Lena's is currently selling frozen lasagna at a price of $10. Mama Lena's marginal cost is $5 and marginal revenue is $5. This firm should ________ to maximize profits in the short run.
◦ increase output to where price just equals marginal cost
◦ decrease output to where price just equals marginal cost
◦ continue to produce the same output level
◦ Indeterminate from the given information.
MyPlate has replaced the now outdated Food Pyramid.
Food security per person
Major Food Sources of Saturated and Trans Fats for Americans
Prevalence of Food Insecurity in the United States
Sustainable Food Systems Model
Who Oversees the Food Supply?