Compared with a perfectly competitive firm facing the same costs, long-run equilibrium for a monopolistically competitive firm will result in
A) a higher price and greater output.
B) a lower price and less output.
C) a higher price and less output.
D) a lower price and greater output.
C
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If marginal cost is increasing, then average variable cost must be increasing simultaneously.
a. true b. false
The price elasticity of demand for potatoes is estimated to be -1.3, and the quantity demanded of potatoes is 3,000 bushels per week. In this situation, a 4% rise in the price of potatoes would reduce the quantity demanded by
a. 92 bushels per week. b. 120 bushels per week. c. 156 bushels per week. d. 975 bushels per week.
Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080If Natalia were to export a good, which one(s) would she export?
A. Scarves B. Sweaters C. Both sweaters and scarves D. Neither sweaters nor scarves
If Mark tries to purchase a new refrigerator in a perfectly competitive market, then
A) he will have a very limited ability to negotiate over the price. B) he will have only a few sellers available to him. C) he will see large differences in the types of refrigerators sold across sellers. D) he will find himself constantly haggling with sellers over the price. E) None of the above is correct.