The demand curve faced by a monopolistically competitive firm:
A. is more elastic than the demand curve faced by the purely competitive firm.
B. is less elastic than the monopolist's demand curve.
C. will shift outward as new firms enter the industry.
D. is more elastic than the monopolist's demand curve.
Answer: D
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Answer the next question on the basis of the following data.OutputTotal Cost0$24133241348454561669The marginal cost associated with the production of the sixth unit of output is
A. $12. B. $8. C. $24. D. $16.
When two or more individuals own a business that does not have a legal existence separate from that of the individuals, it is known as a
a. joint proprietorship. b. multi-owner corporation. c. partnership. d. cooperative.
Among the causes of an increase in labor demand is ________
A) improved availability and affordability of day care for children B) an increase in enrollment at colleges C) an increase in the college wage premium D) an expansion of economic activity
Suppose a firm in a competitive market produces and sells 8 units of output and has a marginal revenue of $8 . What would be the firm's total revenue if it instead produced and sold 4 units of output?
a. $4 b. $8 c. $32 d. $64