In the figure above, if the market for jackets were perfectly competitive, in long-run equilibrium, each firm would sell ________ jackets per day at ________ per jacket

In the ordered pair (20, 30), 20 is the

a. the x-coordinate. b. the horizontal location of the point. c. the y-coordinate. d. Both a and b are correct.

In the long run, if some monopolistically competitive firms are earning economic losses then

A. firms will leave the industry. B. raise prices until they earn economic profits. C. new firms will enter the industry. D. they will increase production until marginal costs fall.