Tony's Italian Ice is a monopolistically competitive firm. If Tony's earns a profit in the short run, which of the following is most likely to occur?
A) New firms that sell Italian ice will enter the market and Tony's demand curve will shift to the right.
B) New firms that sell Italian ice will enter the market and Tony's demand curve will become more inelastic.
C) New firms that sell Italian ice will enter the market and Tony's cost curves will shift to the left.
D) New firms that sell Italian ice will enter the market and Tony's demand curve will shift to the left.
Question 2
Which of the following statements is false?
A) Marginal cost will equal average total cost when marginal cost is at its lowest point.
B) When marginal cost is greater than average total cost, average total cost will rise.
C) Marginal cost will equal average total cost when average total cost is at its lowest point.
D) When marginal cost is less than average total cost, average total cost will fall.
Competitive inhibition
Non-competitive inhibition
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