Refer to the table above. Diminishing marginal returns sets in ...

[littleanan]

Refer to the table above. Diminishing marginal returns sets in when:
 
  A) the second worker is hired.
  B) the fourth worker is hired.
  C) the fifth worker is hired.
  D) the seventh worker is hired.

Question 2

Which of the following is a difference between a monopolistically competitive market and a monopoly in the long run?
 
  A) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist usually earns positive economic profits in the long run.
  B) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist incurs losses in the long run.
  C) Firms in a monopolistically competitive market charge a price higher than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run.
  D) Firms in a monopolistically competitive market charge a price lower than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run.

[anyusername12131]

Answer to Question 1

B

Answer to Question 2

A