In a monopolistically competitive industry, the firms are currently making an economic profit. When this market moves to its long-run equilibrium, the firms' demand curves will have ________ and their economic profit will have ________.
A) shifted leftward; decreased to zero
B) shifted leftward; decreased but remain greater than zero
C) shifted rightward; decreased to zero
D) remained the same; decreased to zero
Question 2
Sonya's budget for magazines and chocolate bars is 50. Her marginal utility from these goods is shown in the table above. The price of a magazine is 5 and the price of a chocolate bar is 2.50.
Sonya currently buys 4 magazines and 12 chocolate bars. To maximize her utility, she should A) buy more chocolate bars and fewer magazines.
B) buy more magazines and fewer chocolate bars.
C) buy more of both goods.
D) stay with the current combination of goods.
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