If your income is $40,000 and you pay taxes of $4,650, what is your average tax rate? Show your work

Monopolistic competition is similar to

a. perfect competition, in that firms face downward-sloping demand curves and earn zero long-run economic profit b. pure monopoly, in that firms face downward-sloping demand curves and can earn economic profits both in the short run and in the long run c. perfect competition, in that firms face perfectly elastic demand curves and earn zero long-run economic profit d. pure monopoly, in that firms can earn economic profits both in the short run and in the long run, and similar to perfect competition, in that firms face perfectly elastic demand curves e. pure monopoly, in that firms face downward-sloping demand curves, and similar to perfect competition, in that long-run economic profit is zero

Bob's Butcher Shop is the only place within 100 miles that sells bison burgers. Assuming that Bob is maximizing his profit, which of the following statements is true?

a. The price of Bob's bison burgers will be less than Bob's marginal cost. b. The price of Bob's bison burgers will exceed Bob's marginal cost. c. The price of Bob's bison burgers will equal Bob's marginal cost. d. Costs are irrelevant to Bob because he is a monopolist.