Refer to the diagram. At output level Q total cost is:

When the existing firms in a monopolistically competitive industry earn above-normal profit:

a. new firms enter into the market, and entry continues until firms earn normal profit. b. new firms have no incentive to enter the market. c. new firms have an incentive to enter the market but are legally barred from doing so. d. they increase their production and lower the price level. e. their cost structure automatically changes, eliminating the additional profit.

Which of the following should not be considered as an opportunity cost of attending college?

a. Expenses that are the same whether or not you attend college b. Lost salary c. Business lunches d. Interest that could have been earned on your money had you put the money into a savings account, rather than spent it on tuition e. Opportunities sacrificed in the decision to attend college