In Figure 12-1, for a monopolistically competitive firm, long-run equilibrium can occur only at the quantity indicated by which point?

The increase in the demand for widgets, shown in the figure above, is the result of a decrease in the price of McBoover devices. Therefore

A) widgets and McBoover devices are substitutes. B) widgets and McBoover devices are complements. C) widgets are a normal good. D) McBoover devices are a normal good.

In 2002, this company was estimated to hold the largest share of the U.S. burger market:

A) McDonald's. B) Burger King. C) Wendy's. D) none of the above.

Utility theory assumes that marginal utility of a good

a. increases as an individual consumes more of the good b. decreases as an individual consumes more of the good c. is greater than total utility as long as total utility is greater than zero d. is constant as long as the individual derives utility from the good e. is greater than total utility as long as marginal utility is greater than zero

Refer to the graph shown. If this monopolist were allowed to choose the profit-maximizing level of output, it would charge a price of:

A. $2. B. $12. C. $3. D. $8.