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According to the text, a price-elastic demand curve occurs when volume is relatively insensitive to changes in price.

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A monopolistically competitive firm's demand for its product is equal to Q = 160 - P, and its MC curve is equal to MC = 20 + 2Q. Its TC curve is as follows: TC = 20Q + Q2 + 20.A. Its demand curve will become more elastic as it dominates the market more. B. Its losses will fall and eventually become a positive economic profitC. Its economic profits will decrease to zero D. Other firms will not enter or exit the industry

Industries that are made up of many competing producers, each selling a differentiated product, and whose firms eventually earn zero economic profits in the long run areA. Perfectly competitiveB. OligopoliesC. Monopolistically competitiveD. Monopolies

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.

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