When firms exit a monopolistically competitive industry:
a. the average total cost curves of remaining firms will shift upward.
b. the demand curves of remaining firms are decreased at each level of output.
c. the remaining firms will decrease production.
d. the average revenue received by remaining firms will increase at each level of output.
Question 2
When a U.S. importer needs 20,000 to settle an invoice for 228,000 Uruguayan pesos, the price of 1 dollar is 11.4 Uruguayan pesos.
a. True
b. False
Indicate whether the statement is true or false
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