In general, the number of firms is lesser in monopolistic competition compared to oligopoly

According to the above figure, planned consumption and income are equal at an income level of

A) Y0. B) Y1. C) Y2. D) Y3.

One practical implication of a kinked market supply curve is that:

A) producer surplus is not defined at the kink point. B) the MC = MR rule does not hold at the kink point. C) the market supply elasticity for a price increase may be different than the market supply elasticity for a price decrease at the kink point. D) All of the above are true.