Which of the following is a common mistake made by consumers?
A) taking into account the implicit costs of an activity
B) being overly optimistic about their future behavior
C) being overly pessimistic about their future behavior
D) ignoring sunk costs
Question 2
In contrast with perfect competition, excess capacity characterizes monopolistic competition. Excess capacity is due to which of the following?
A) Monopolistically competitive firms face downward-sloping demand curves. In the long run, firms produce where their demand curves are tangent to their long-run average total cost curves.
B) Monopolistically competitive firms produce at the minimum point on their average total cost curves.
C) Monopolistically competitive markets have low barriers to entry.
D) Monopolistically competitive firms produce where marginal revenue is equal to marginal cost.
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