The price of a futures contract represents the price the market expects the commodity to be when the contract expires.

In the figure above, the efficient amount of output is

A) 20 units per day. B) 40 units per day. C) 60 units per day. D) 80 units per day.

Monopolistically competitive firms advertise to attempt to

A) lower their average variable costs. B) build brand loyalty. C) lower barriers to entry. D) increase barriers to entry.