answer please as soon as possible-thanks Table: Demand Schedule of Gadgets Refer

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answer please as soon as possible-thanks

Table: Demand Schedule of Gadgets

Reference: Ref 14-1 Table: Demand Schedule of Gadgets

(Table: Demand Schedule of Gadgets) Use Table: Demand Schedule of Gadgets. The market for gadgets consists of two producers, Margaret and Ray. Each firm can produce gadgets with no marginal cost or fixed cost. If industry output is 350 gadgets produced by Margaret and 250 gadgets produced by Ray and if Ray decides to increase output by an additional 100 gadgets, industry output will be:

Select one:

a. 400.

b. 600.

c. 700.

d. 500.

In the long run, monopolistically competitive firms:

Select one:

a. cannot earn an economic profit.

b. set marginal revenue equal to price.

c. produce at the level that minimizes average total cost.

d. produce such that marginal cost equals price.

A firm in monopolistic competition maximizes its profit by producing at a quantity where:

Select one:

a. MC = MR.

b. MC = P.

c. MC = ATC.

d. MC = AR.

Firms in monopolistic competition can acquire some market power by:

Select one:

a. product differentiation.

b. producing where MR > MC.

c. engaging in tacit collusion.

d. increasing their output to the perfectly competitive level.

Price of
Gadget Quantity of
Gadgets Demanded $10 0 $9 100 $8 200 $7 300 $6 400 $5 500 $4 600 $3 700 $2 800 $1 900 $0 1,000

Explanation / Answer

1. The correct answer is C.

2. The correct answer is A.

3. The correct answer is A.

4. The correct answer is A.

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