The figure above shows the cost, marginal revenue, and demand curves of Golden Chow, a producer of dog food. The market for dog food is monopolistic competition. In the long run as new firms enter, Golden Chow cuts its output to 200 cans per day.
Its excess capacity is ________ cans per day. A) 0
B) between 0 and 200
C) between 201 and 400
D) more than 401
Question 2
In the long run, perfectly competitive firms make zero economic profit. This result is due mainly to which of the following assumptions?
A) few buyers and sellers
B) unrestricted entry and exit
C) firms must act as price takers
D) demand for the firm's output is perfectly elastic
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