The IT industry in Techland has a Herfindahl-Hirschman Index of 1,320. This implies that the IT industry in Techland is ________

In the long run, a monopolistically competitive firm has market power but earns no profit.

Indicate whether the statement is true or false.

Which of the following violates the law of diminishing marginal utility? a. Phil's marginal utility from drinking another beer remains positive as he drinks more at a party

b. Phil's marginal utility from drinking becomes negative after 6 beers at a party. c. Phil's total utility from drinking 5 beers at a party is greater than his total utility of drinking 3 beers at a party. d. The more beer Phil drinks, the more he enjoys the next one.