Refer to the information provided in Figure 15.2 below to answer the question(s) that follow. 
Figure 15.2 Refer to Figure 15.2. If We Do Hair is maximizing profit as a monopolistically competitive firm, its total revenue equals
A. $1,280.
B. $1,320.
C. $1,200.
D. $600.
Answer: A
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If a firm produces components of its goods and services in other countries, it is said to be outsourcing
Indicate whether the statement is true or false
Advertising is a ________ cost that is incurred by ________
A) variable; monopolies B) variable; perfectly competitive firms C) fixed; perfectly competitive firms D) fixed; monopolistically competitive firms E) marginal; monopolistically competitive firms
Suppose that price is below the minimum average total cost but above the minimum average variable cost. In the short run, a firm that is a price taker would:
A. immediately shut down and get out of the industry. B. continue to produce a quantity such that marginal revenue equals marginal cost. C. shut down temporarily, in hopes of restarting in the near future. D. cut price and expand output in hopes of achieving economies of scale
If aggregate demand increases and expectations regarding inflation remain constant
A. the short-run Phillips curve shifts to the left. B. the short-run Phillips curve shifts to the right. C. the economy moves along the short-run Phillips curve. D. the long-run Phillips curve shifts to the right.