In monopolistic competition there are barriers to entry, so therefore in the long run, economic profit A. many; equals zero B. no; equals zero C. no; is substantial D. many; is substantial In an oligopoly, there are A. many firms and barriers to entry. B. few firms and no barriers to entry. C. many firms and no barriers to entry. D. few firms and barriers to entry Assume someone organizes all farms in the nation into a single-price monopoly. As a result, the amount of food produced A. might increase or decrease depending on whether the demand for food is elastic or inelastic. B. increases. C. decreases. D. remains constant A perfectly competitive firm with total cost function TC=200+20Q+Q2 and marginal cost function MC=20+2Q, is competing on a market where the market price is $62. What is the firm's profit, if it chooses to produce optimally? Round your answer to two decimals, if needed. A monopolist with total cost function TC=362+20Q and marginal cost MC=20 is faced with consumers described by the demand function P=222-2Q. What it the profit this monopolist will earn if it chooses its quantity and price optimally? Round your answer to two decimals, if needed