Which of the following statements is CORRECT for a monopolistically competitive firm in the short run?
A) Its total revenue is maximized.
B) Its total fixed cost is 0.
C) Its marginal cost is equal to its marginal revenue.
D) Its price is equal to its marginal cost.
Question 2
Ernie's Earmuffs produces 200 earmuffs per year at a total cost of 2,000 and 400 of this cost is fixed. If he increases output to 220 earmuffs, his total cost increases to 2100, and his fixed cost remains 400.
What is Ernie's marginal cost per earmuff? A) 105
B) 35
C) 9.55
D) 5
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