In the above figure, if the firm is in monopolistic competition, its price will be

Which of the following will result in an increased price of milk?

A) A shift to the right of the supply curve for milk. B) A shift to the right of the demand curve for milk. C) An increase in the number of milk suppliers. D) A decrease in the number of milk buyers.

In the short run, a perfectly competitive firm's most profitable level of output is where:

a. total revenue minus total cost is at a maximum. b. marginal cost equals marginal revenue. c. Both of the above. d. Neither of the above.