The key feature of monopolistic competition is
A) interdependence of the firms.
B) lack of advertisement.
C) product differentiation.
D) the small number of firms in the industry.
Answer: C
Economics
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Refer to Scenario 1-1. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 3,000 cell phones?
A) marginal revenue B) gross profit C) sales revenue D) gross earnings
Economics
A firm is producing 2,500 units at its optimal output, with average variable cost per unit of $4 and average fixed cost per unit of $2.50. If sells its output at $8 per unit, total profit is
A. $10,000. B. $3,750. C. $1,500. D. $20,000
Economics