Which of the following is a result of a rent ceiling set below the equilibrium rent? I. equity in the housing market II. efficient allocation of resources III. a shortage of housing units

In the long run, firms in monopolistic competition produce at a level that is ________ the efficient scale of output

A) less than B) equal to C) more than D) All of the above are possible depending on market conditions.

If the above figure illustrated a perfectly competitive industry, the equilibrium market output would be equal to

A) 7. B) 11. C) 13. D) 22.