As new firms enter a monopolistic competitive industry, it can be ...

[Melani1276]

As new firms enter a monopolistic competitive industry, it can be expected that:
 a. market price will increase.
  b. the output of existing firms will increase.
  c. profits of existing firms will increase.
  d. market demand should decrease.
  e. profits of existing firms will decrease.

Question 2

The opportunity costs associated with the use of resources owned by a firm are:
 a. externalities.
  b. implicit costs.
  c. explicit costs.
  d. sunk costs.

[scikid]

Answer to Question 1

e

Answer to Question 2

b

[Melani1276]

Correct answers!

[scikid]

Great! Please up vote