You are given the following straight-line trend equation: Sales = 1,275 + 89.3t, where 1990 represents t = 1. Project sales for 2000

Explain why the competitive output maximizes welfare

What will be an ideal response?

For a monopolistically competitive market, the number of firms in the market implies that

A) each firm faces a perfectly elastic demand. B) all firms will make losses. C) each firm acts independently of other firms. D) firms will collude to set monopoly price and output.