In the long run, firms in monopolistic competition produce at a level that is ________ the efficient scale of output.
A) less than
B) equal to
C) more than
D) All of the above are possible depending on market conditions.
Question 2
The concept of diminishing marginal rate of substitution indicates that
A) as the consumption of good X increases, individuals are willing to give up an increasing amount of good Y in order to obtain one more unit of good X.
B) as the consumption of good X increases, individuals are willing to give up a decreasing amount of good Y in order to obtain one more unit of good X.
C) along an indifference curve, a consumer prefers the consumption combinations moving to the northwest along the curve.
D) None of the above answers is correct.
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