Which of the following resulted in a retaliation by the United States of increased tariffs on cheeses and meats from Europe?

If a monopolistically competitive firm is producing 50 units of output where marginal cost equals marginal revenue, total cost is $1,674 and total revenue is $2,000, its average profit is

A) $326. B) $40. C) $6.52. D) impossible to determine without additional information.

Both firms in a Cournot duopoly would experience lower profits if:

A. there was an increase in marginal production costs and one firm reduced output below the Cournot Nash equilibrium level, while the other firm continued to produce its Cournot Nash equilibrium output. B. there was an increase in marginal production costs. C. each firm simultaneously increased output above the Nash equilibrium level. D. one firm reduced output below the Cournot Nash equilibrium level, while the other firm continued to produce its Cournot Nash equilibrium output.