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Answer to Question #52956 in Microeconomics for Yana

Question #52956
MULTIPLE CHOICE
1. The marginal revenue curve of a monopolistically competitive firm will always lie:
a. below the firm's demand curve.
b. parallel to the firm's demand curve.
c. parallel to the firm's quantity axis.
d. above the firm's demand curve.
2. Which of the following is the best example of a monopolistically competitive market?
a. Wheat.
b. Automobiles.
c. Diamonds.
d. Retail sales.
3. The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically
competitive firm will:
a. produce the output level at which price equals long-run marginal cost.
b. operate at minimum long-run average cost.
c. overutilize its insufficient capacity.
d. produce the output level at which price equals long-run average cost.
Expert's answer
1. The marginal revenue curve of a monopolistically competitive firm will always lie:
a. below the firm's demand curve.
2. Which of the following is the best example of a monopolistically competitive market?
b. Automobiles.
3. The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will:
d. produce the output level at which price equals long-run average cost. 

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