Dwindling resources encourage the development of substitute products

For a perfectly competitive firm, the value of marginal product diminishes as employment increases because the

A) price falls as the firm's production increases. B) marginal revenue decreases as the firm's production increases. C) marginal product decreases as the firm's production increases. D) None of the above answers is correct.

In the long run in a monopolistic competitive industry,

a. economic profits will be positive. b. price will be driven to zero. c. the firm will not operate where MR = MC. d. economic profit will be zero. e. price will exceed average cost.