A monopolistically competitive firm is producing an output level ...

[geoffrey]

A monopolistically competitive firm is producing an output level at which marginal revenue is less than marginal cost. This firm should __________ quantity and __________ price to increase profit or reduce losses.
 a. increase, increase
  b. increase; decrease
  c. decrease; increase
  d. decrease; decrease
  e. increase; not change

Question 2

A good that is rival but nonexclusive is called
 a. a private good
  b. a public good
  c. a quasi-private good
  d. an external good
  e. an open access good

[aadams68]

Answer to Question 1

C

Answer to Question 2

E