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Author Question: If the market demand in a monopolistically competitive industry increases, a likely result in the ... (Read 101 times)

Charlie

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on: Jun 29, 2018
If the market demand in a monopolistically competitive industry increases, a likely result in the long run will be
 
  A) less elastic demand curves facing each firm.
  B) a higher ratio of price to average cost.
  C) a larger number of firms producing a similar product.
  D) a transition from monopolistic competition to oligopoly.

Question 2

On December 10 the price of a Christmas tree is 50 and 100 trees are purchased. On December 20 the demand for Christmas trees decreases so that the price falls to 30 and 20 trees are purchased. From this set of facts, the
 
  A) demand for Christmas trees is price inelastic.
  B) demand for Christmas trees is price elastic.
  C) supply of Christmas trees is inelastic.
  D) supply of Christmas trees is elastic.


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Andromeda18

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

D


Charlie

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

coreycathey

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Reply 3 on: Yesterday
Wow, this really help

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