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A firm has only five possible factory (plant) sizes to choose from, represented by the short-run average total cost (SRATC) curves on the long-run average total cost (LRATC) curve shown on the graph belowThe firm's minimum efficient scale occurs on

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If monopolistically competitive firms are earning positive economic profits in the short run, then in the long run: A. Economic profits will be reduced to zeroB. Firms will leave the industryC. Economic profits will increaseD. The demand curves faced by existing firms will move to the right

In the short run, a monopolistically competitive firm produces at the optimal level of output and is earning positive economic profits. Which of the following describes how the firm will adjust in the long run? A. The entry of new firms shifts the firm's marginal cost and average cost curves downward, decreasing the firm's level of output and the price the firm can charge until price equals average total cost.B.The exit of firms shifts the firm's demand and marginal revenue curves rightward, increasing the firm's level of output and the price the firm can charge until price equals average total cost.C.The entry of new firms shifts the firm's demand and marginal revenue curves leftward, decreasing the firm's level of output and increasing the price the firm can charge until price equals average total cost.D. The entry of new firms shifts the firm's demand and marginal revenue curves leftward, decreasing the firm's level of output and the price the firm can charge until price equals average total cost.

Which of the following is the correct formula for the Price Elasticity of Demand?a.) Percentage change of demand/percentage change in priceb.) Percentage change in price/percentage change in demandc.) Percentage change in supply/percentage change in demandd.) Percentage change in demand/percentage change in supply

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