1. For a perfectly competitive firm, if P = $10.00 and the firm's Total Costs are given by TC = 10 + 2Q + Q2 (Ten plus 2Q plus Q squared) then the profit maximizing rate of output will be

a.8

b.4

c.10

d.None of the above is correct

1a. In the long run in monopolistic competition, price equals marginal cost.

Select one:

True

False