Use the following graph for a monopolistically competitive firm to answer the next question.
In the short run, this monopolistically competitive firm will set price at
A. $65 and produce 35 units of output.
B. $55 and produce 45 units of output.
C. $50 and produce 35 units of output.
D. $52 and produce 50 units of output.
Answer: A
You might also like to view...
Personal income tax withholding is
A. involuntary. B. involuntary and designed to spread out the impact of taxes throughout the year. C. designed to spread out the impact of taxes throughout the year. D. voluntary.
The total product curve shows the relationship between total product and
A) cost. B) the quantity of labor. C) the average product. D) the marginal product. E) the marginal cost.
The demand curve in the figure above illustrates the demand for a product with a price elasticity of demand
A) equal to zero at all prices. B) equal to infinite at all prices. C) equal to one at all prices. D) that is different at all prices.
Physical objects are rival in the sense that ________
A) they are necessarily in opposition to one another B) they are nontrivial C) when they are used in one activity, they cannot be used in another D) some countries possess natural resources, e.g. oil, while some do not