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Author Question: The figure above shows Bill's Hotdogs, a monopolistically competitive firm. If other firms enter the ... (Read 147 times)

roselinechinyere27m

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on: Jun 29, 2018
The figure above shows Bill's Hotdogs, a monopolistically competitive firm. If other firms enter the market and have hot dogs that are very close substitutes for Bill's Hotdogs, then the demand curve for Bill's Hotdogs will ________.
 
  A) shift leftward and become more elastic
  B) shift rightward and become more elastic
  C) shift rightward and be parallel to the original demand curve
  D) shift leftward and be parallel to the original demand curve

Question 2

Sandra's Sweaters' production function is shown in the above table. Sandra rents three knitting machines for 30 a day each and hires workers at a wage rate of 40 a day.
 
  If the rental rate of capital rises to 50 per machine a day, Sandra's ________ curve shifts upward. A) average variable cost
  B) total variable cost
  C) average fixed cost
  D) marginal cost


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kishoreddi

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

A

Answer to Question 2

C


roselinechinyere27m

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Reply #2 on: Jun 29, 2018
Thank you :)


kishoreddi

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Reply #3 on: Jun 29, 2018
Happy to help you


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