Refer to Figure 5-3. The private profit-maximizing output level is

In the long run, profits in a monopolistic competition market are zero because:

a. of government regulations. b. of collusion. c. firms are free to enter and exit the market. d. firms produce a differentiated product.

Refer to Table 17-2. The marginal revenue product of labor from the third unit of labor is

A) $5,460. B) $1,560. C) $1,260. D) $780.