Complete multiple choice

In a monopolistically competitive market, Select one. O a. firms produce relatively close (but not perfect) substitutes. O b. it is prohibitively expensive for new firms to enter. O c. one firm has a significant advantage in terms of market share compared to the other firms. O d. every firm's demand curve is equivalent to every other firm's demand curve. A monopolistic competitor is similar to a monopolist in that Select one O a. both earn positive economic profit in the long run. O b. both are able to enforce significant entry barriers against potential competitors. 3 c. both are able to maximize their per-unit profit margin. O d. both can set price above marginal cost. In the long run, monopolistically competitive firms will Select one O a deter entry of new firms and thus restrict market supply O b. break even. O c. increase the amount of substitute products produced in the industry. O d. set price equal to marginal cost and thus earn normal profit.EMC 35 ATC 25 AVC Revenues and costs (dolars) 20 15 10 D 200 400 Con Output A graph showing demand (D) and marginal revenue [MR), average total cost (TO], average variable cust 147 0), and short-run marginal cost (40) with quantity of output [) on the horizontal axis and revenue and costs in dollars on the vertical axis. D) and MR bol have vertical intercepts of $40, MXChes horizontal intercept a. 400 unite and D hes horizontal intercept a. 900 unit:. Al Q -150, MG - $5, MR- AVG - $24, D-$33, and ATO - $35. AlQ-300, MR-MO-$10. AVG- $20. D 835, and ATC $10. AtQ 450, MR is regslive D, AVO, and MCal interest $17, and ATG $20. A1Q-550, MR is negative, D-$13. AVG-$17, 809 MG ATG at $28 If the firm decided to produce 200 units of output, what would be the marginal revenue and the price? Select one O . AR - $20, P- $30 0 6. MR - 320, F- 820 O d MR-60, P-17.80 In the graph above, the firm's optimal price is _ and optimal quantity is . 3 5. 825 300 units b. 120 250 units c. $10, 320 unlesIn the graph abus, the firm in the short nin would be Select one: Q B Aanring A losA and should shut down 3 b panning A loss but should stay open &. coming pos live profit. O d breaking even