Author Question: The cookie industry in Eatsweetland consists of 15 firms. The industry sales are 80 million per ... (Read 224 times)

colton · **on:** Jun 29, 2018

The cookie industry in Eatsweetland consists of 15 firms. The industry sales are 80 million per month. The sales of the largest 5 firms are shown in the table below. The rest 10 firms have sales of 3 million each. The U.S.

Department of Justice would classify the market for cookies in Eatsweetland as A) competitive.
B) uncompetitive.
C) moderately competitive.
D) monopolistic.

Question 2

In the long run, a firm in a monopolistically competitive industry produces where its marginal cost

A) is less than its average cost.
B) equals its average cost.
C) exceeds its average cost.
D) equals its price.