The above figure shows a restaurant engaged in monopolistic competition with other restaurants. The equilibrium quantity at this restaurant is ________ meals per day
A) less than 150
B) between 151 and 250
C) between 251 and 350
D) between 451 and 450
E) more than 451
B
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The respective payments for the resources of natural resources, labor, capital, and entrepreneurial ability are
a. interest, wages, profit, and rent b. profit, rent, interest, and wages c. rent, wages, profit, and interest d. interest, profit, wages, and rent e. rent, wages, interest, and profit
A point inside a production possibilities curve reflects:
a. the law of increasing costs. b. technological innovation. c. less than full use of resources and technology. d. economic efficiency. e. a way to increase future economic growth.
The Organization of Petroleum Exporting Countries (OPEC) is an example of
A. a price leadership system. B. a generally unsuccessful cartel. C. an organization devoted to tacit collusion. D. a successful cartel.
Virtual currency unit 3 (VCU3) is different from VCU2 because:
a. VCU2 cannot be spent in the real world; VCU3 can be spent in the real world. b. In terms of convertibility, there is no difference; both VCU2 and VCU3 can be purchased with and sold for legal tender. c. VCU3 can directly affect real world demand, whereas VCU2 cannot affect real-world demand. d. In terms of spending potential, there is no difference because neither VCU2 nor VCU3 can be spent in the real world.