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L₂ A Moving to another question will save this response. Question 10 Which of

Question: L₂ A Moving to another question will save this response. Question 10 Which of the following statements is false for firms in monopolistic competition? O Firms face no barriers to enter the market. O The long-run economic profits are zero. O Firm sell identical products. O Firms are price-makers and thus have market power. A Moving to another question willShow transcribed image textQ.10. Answer. Firm sell identical…View the full answerTranscribed image text: L₂ A Moving to another question will save this response. Question 10 Which of the following statements is false for firms in monopolistic competition? O Firms face no barriers to enter the market. O The long-run economic profits are zero. O Firm sell identical products. O Firms are price-makers and thus have market power. A Moving to another question will save this response. Question 9. The information below applies to a competitive firm that sells its output for $44.00 per unit. • When the firm produces and sells 100 units of output, its average total cost is $24.50. • When the firm produces and sells 101 units of output, its average total cost is $24.75. Suppose the firm is currently producing and selling 100 units of output. Should the firm increase its output to 101 units? O Yes. This is because the marginal revenue exceeds the marginal cost. O Yes. This is because the marginal revenue exceeds the average total cost. No. This is because the marginal cost exceeds the marginal revenue. O No. This is because the average total cost exceeds the marginal revenue. Question 8 To be binding, a price floor must be 1. in the labor market. II. above the equilibrium price. III. set to achieve the equilibrium market quantity. OI O II OI and III O None of the above

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