Fresh Taste, Inc produces organic breakfast cereals. The market for breakfast cereals is monopolistically competitive.
The figure above shows the demand curve that Fresh Taste faces (D), the company's marginal revenue curve (MR), its marginal cost curve (MC), and its average total cost curve (ATC). If Fresh Taste and other firms in the market are currently producing their profit maximizing quantities of cereals, then the market is A) in both short-run equilibrium and long-run equilibrium.
B) in short-run equilibrium but not in long-run equilibrium.
C) in long-run equilibrium but not in short-run equilibrium.
D) neither in short-run equilibrium nor in long-run equilibrium.
Question 2
The table above shows the production possibilities frontier for the nation of Isolanda.
a) Find the marginal cost of a pound of fish using the above PPF.
b) How does the marginal cost of a pound of fish change as more fish are caught?
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