Type your question here 1. Refer to the above diagram for a monopolistically com
ID: 1187887 • Letter: T
Question
Type your question here
1.
Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm will realize an economic:
A) loss of $320.
B) profit of $480.
C) loss of $480.
D) profit of $600.
ANSWER______________
　
　
　
2
. Refer to the above diagrams which pertain to a purely competitive firm producing output q and the industry in which it operates. In the long run we should expect:
A) firms to enter the industry, market supply to rise, and product price to fall.
B) firms to leave the industry, market supply to rise, and product price to fall.
C) firms to leave the industry, market supply to fall, and product price to rise.
D) no change in the number of firms in this industry.
ANSWER______________
　
Explanation / Answer
Refer to the above diagram for a monopolistically competitive firm in short-run equilibrium. This firm will realize an economic: B) profit of $480.----------------correct answer ===============================================================================================================================2 . Refer to the above diagrams which pertain to a purely competitive firm producing output q and the industry in which it operates. In the long run we should expect: C.firms to leave the industry, market supply to fall, and product price to rise.-- -----------correct answer
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