Graph is in increments of 5. 1. This figure depicts a situation in a monopolisti

Question

Graph is in increments of 5. 1. This figure depicts a situation in a monopolisticallycompetitive market. What price will the monopolisticallycompetitive firm charge in this market? a. $60 b. $70 c. $75 d. $80 2. This figure depicts a situation in a monopolisticallycompetitive market. How much output would a monopolisticallycompetitive firm produce in this situation? a. 20 units b. 25 units c. 40 units d. No output, since producing in this situation will result ina loss for the firm. Graph is in increments of 5. 1. This figure depicts a situation in a monopolisticallycompetitive market. What price will the monopolisticallycompetitive firm charge in this market? a. $60 b. $70 c. $75 d. $80 2. This figure depicts a situation in a monopolisticallycompetitive market. How much output would a monopolisticallycompetitive firm produce in this situation? a. 20 units b. 25 units c. 40 units d. No output, since producing in this situation will result ina loss for the firm.

Explanation / Answer

Note: your graph looks somewhat like a monopolist's curve,since in the long-run a monopolistic competitor will have to breakeven, but the graph presented shows a profit.

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