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If all firms in an industry are price-takers, then: a. each firm can sell at the price it wants to charge, provided it is not too different from the prices other firms are changing.b. each firm takes the market price as given for its current output level, recognizing that the price will change if it alters its output significantly. c. the market sets the price, and each firm can take it or leave it (by setting a different price)d. An individual firm cannot alter the market price even if it doubles in output.

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Suppose a monopolistically competitive firm is producing the profit-maximizing level of output and is earning an economic profit in the short run. Then:A. Marginal revenue equals marginal costB. Price is less than average total costsC. Price is less than marginal costD. Marginal revenue is less than marginal cost
In a long-run equilibrium , firms in a monopolistically competitive industry sell at priceA. Less than marginal costB. Greater than marginal costC. Less than marginal revenueD. Equal to marginal cost
A monopolistically competitive firm has a downward-sloping demand curve for its product, primarily because: A. There are many sellers in the industryB. The firm sells a product distinct from products sold by competing firms.C. There exits no barriers to entry and exit in the long runD. The price is greater than the marginal revenue

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