Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm. 
Figure 15.1 Refer to Figure 15.1. In this industry in the long run,
A. firms will start to incur economic losses.
B. product supply will decrease so prices will go up.
C. firms will enter until all firms break even economically.
D. product demand will increase so that profits are increased.
Answer: C
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The elasticity of supply equals ________ if the supply curve is horizontal
A) 0 B) 1 C) infinity D) -1
Which of the following would most likely be provided by a natural monopoly?
A) Michigan Radio is the state's most listened-to public radio service. B) Sirius Satellite Radio is accessed through a subscription. C) X96 is an alternative radio station out of Salt Lake City. D) a Mariah Carey CD
What does the phrase "post hoc, ergo propter hoc" mean?
What will be an ideal response?
Refer to Table 1-2. What is Thuy Anh's marginal cost if she decides to stay open for an extra three hours instead of two hours?
A) $0 B) $16 C) $25 D) $32 E) $45