Refer to the information provided in Figure 15.2 below to answer the question(s) that follow.  Figure 15.2 Refer to Figure 15.2. If We Do Hair maximizes profits as a monopolistically competitive firm, it ________ of $320.

If all inputs are increased by 5 percent and output increases by 8 percent, then the

A) firm experiences constant returns to scale. B) long-run average cost curve slopes downward. C) long-run average cost curve shifts downward. D) firm experiences diseconomies of scale.

One reason that helps to explain the law of supply is the law of

A) diminishing marginal utility. B) diminishing marginal returns. C) decreasing opportunity costs. D) demand.