Product differentiation in monopolistically competitive markets ensures that, for profit-maximizing firms,
a. marginal revenue will equal average total cost.
b. price will exceed marginal cost.
c. marginal cost will exceed average revenue.
d. average variable cost will be declining.
b
Economics
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When a monopolistically competitive firm's demand curve shifts leftward, what happens to its marginal revenue curve?
A) Nothing, the marginal revenue curve is unchanged. B) It disappears. C) It shifts rightward. D) It shifts leftward. E) None of the above is correct because the effect on the marginal revenue curve depends on whether the demand was initially elastic or inelastic.
Economics
Rising agricultural prices and opportunities to own land provided people with incentives to migrate to the trans-Appalachian states
Indicate whether the statement is true or false
Economics