In a relationship among total, average and marginal products, where TP is maximized:

In monopolistic competition there are ________ barriers to entry, so therefore in the long run, economic profit ________

A) no; is substantial B) no; equals zero C) many; equals zero D) many; is substantial E) many; might be earned depending on the degree of product differentiation

You are playing a game in which a dollar bill is auctioned. The highest bidder receives the dollar in return for the amount bid. However, the second-highest bidder must pay the amount that he or she bids, and gets nothing in return

The optimal strategy is: A) to bid the smallest allowable increment below $1. B) to bid nothing. C) to bid $0.99. D) to bid more than a dollar.