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Author Question: The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically ... (Read 38 times)

ec501234

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on: Jun 30, 2018
The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will:
 a. produce at the level in which price equals long-run average cost.
  b. operate at minimum long-run average cost.
  c. overutilize its insufficient capacity.
  d. none of these.

Question 2

The slope of the budget line is equal to the ratio of:
 a. marginal utilities.
  b. money income to the price of the good on the horizontal axis.
  c. money income to the price of the good on the vertical axis.
  d. price of the good on the horizontal axis to the price of the good on the vertical axis.


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zoeyesther

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

d


ec501234

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Reply #2 on: Jun 30, 2018
Thank you :)


zoeyesther

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Reply #3 on: Jun 30, 2018
Happy to help you


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